Starting September 26, 2024, three IT stocks could send a real warning to investors who value momentum as a key criterion in their trading decisions.
The RSI is a momentum indicator that compares a stock's strength on days when prices rise to its strength on days when prices fall. When compared to a stock's price action, it can give traders a better idea of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here is the latest list of the major overbought players in this sector.
Micron Technology Inc. IN
- After the market closed on Wednesday, Micron announced better-than-expected fourth-quarter financial results. The company reported fourth-quarter revenue of $7.75 billion, beating the consensus estimate of $7.635 billion. The company reported fourth-quarter adjusted earnings of $1.18 per share, beating analyst estimates of $1.13 per share, according to Benzinga Pro. “Micron delivered 93% year-over-year revenue growth in the fiscal fourth quarter as robust AI demand drove strong growth in our data center DRAM products and our industry-leading high-bandwidth memory. Our record NAND revenue was led by data center SSD sales, which surpassed $1 billion in quarterly revenue for the first time,” said Sanjay Mehrotra, Micron’s president and CEO. The company’s shares gained about 7% over the past five days and are at a 52-week high of $157.54.
- RSI Value: 70.11
- MU Price Action: Micron shares gained 1.9% to close at $95.77 on Wednesday.
Progress Software Corporation PRGS
- On September 24, Progress Software announced better-than-expected financial results for the third quarter. “This is a very exciting time for Progress. Our third quarter results exceeded our forecasts and I am very pleased with our execution during the quarter,” said Yogesh Gupta, Progress’s chief executive officer. The company’s shares gained about 10% over the past five days and hit a 52-week high of $65.84.
- RSI Value: 85.64
- PRGS Price Action: Progress Software shares rose 11.9% to close at $63.92 on Wednesday.
Zeta Global Holdings Corp ZETA
- On Sept. 23, DA Davidson analyst Clark Wright maintained his buy rating on Zeta Global and raised the price target from $30 to $35. The company's stock has gained about 18% over the past month and hit a 52-week high of $30.47.
- RSI Value: 71.60
- ZETA Price Action: Zeta Global shares fell 2% to close at $29.63 on Wednesday.
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