Top 5 Industrials Stocks That Are Ticking Portfolio Bombs
Portfolio Pulse from Lisa Levin
The article lists five industrials sector stocks that are considered overbought, indicating a potential opportunity to short these companies. The stocks include Markforged Holding Corporation (MKFG), Fathom Digital Manufacturing Corporation (FATH), Dragonfly Energy Holdings Corp. (DFLI), Toro Corp. (TORO), and The L.S. Starrett Company (SCX). All these companies have a Relative Strength Index (RSI) value above 70, which typically indicates overbought conditions.
July 25, 2023 | 12:27 pm
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NEGATIVE IMPACT
Dragonfly Energy Holdings Corp. recently announced it will be awarded a new U.S. patent. Its stock jumped 14.1% but is considered overbought with an RSI of 76.35.
The announcement of a new patent has likely contributed to Dragonfly's overbought status. However, this could mean the stock is due for a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Fathom Digital Manufacturing Corporation posted a narrower-than-expected quarterly loss. Its stock jumped 10.1% but is considered overbought with an RSI of 71.60.
Fathom's better-than-expected quarterly results have likely led to its overbought status. This could indicate a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Markforged Holding Corporation posted strong Q1 results and saw its stock jump 40%. However, its RSI value of 76.59 indicates it is overbought.
Markforged's strong Q1 results have likely contributed to its overbought status. However, this could mean the stock is due for a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The L.S. Starrett Company reported a decline in third-quarter EPS. Its stock gained 11% but is considered overbought with an RSI of 73.52.
Despite a decline in Q3 EPS, L.S. Starrett's stock is overbought, which could indicate a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Toro Corp. recently entered into an agreement for the sale of a tanker. Its stock jumped 12.3% but is considered overbought with an RSI of 82.92.
Toro's recent agreement for the sale of a tanker has likely led to its overbought status. This could indicate a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100