Top 5 Tech And Telecom Stocks That You May Want To Dump In Q4
Portfolio Pulse from Lisa Levin
Five tech and telecom stocks with high RSI values, indicating they may be overbought, are Direct Digital Holdings, Inc. (DRCT), MoneyHero Limited (MNY), Roku, Inc. (ROKU), TrueCar, Inc. (TRUE), and Globalstar, Inc. (GSAT). DRCT and TRUE reported better-than-expected financial results, while MNY and GSAT saw significant stock jumps. ROKU received an analyst upgrade with a new price target.
November 28, 2023 | 12:01 pm
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NEGATIVE IMPACT
Direct Digital Holdings reported better-than-expected Q3 results, with significant investments paying off early. The stock hit a 52-week high with an RSI of 93.82.
The high RSI value suggests that DRCT may be overbought, which could lead to a price correction in the short term, especially after a recent sharp rise.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Globalstar reported a 53% year-on-year sales growth in Q3, with an RSI of 72.58. The stock has seen a recent uptick, closing higher on Monday.
Despite strong sales growth, the RSI above 70 indicates that GSAT might be overbought, which could lead to a price correction in the short term.
CONFIDENCE 65
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
MoneyHero Limited's stock surged about 132% over the past month, reaching a 52-week high. The RSI is at 75.37, indicating potential overbought status.
The significant stock jump and high RSI value could lead to a pullback as investors might take profits, suggesting a potential short-term negative impact.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 85
NEGATIVE IMPACT
TrueCar reported better-than-expected Q3 sales, with an RSI of 71.28. The stock is close to its 52-week high after a recent gain.
While the positive earnings report could support the stock price, the RSI above 70 suggests that TRUE may face a short-term pullback due to overbought conditions.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 75
NEUTRAL IMPACT
Roku received an upgrade from Cannonball Research with a new price target of $116, despite an RSI of 83.64. The stock is near its 52-week high.
The analyst upgrade and new price target could maintain positive momentum, but the high RSI suggests caution as the stock may be approaching overbought territory.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80