Top 3 Tech Stocks That Should Keep You Up At Night In Q2
Portfolio Pulse from Avi Kapoor
As of April 2, 2024, SMART Global Holdings, Inc. (SGH), Micron Technology, Inc. (MU), and Ouster, Inc. (OUST) are identified as overbought tech stocks with RSI values above 70, indicating potential short-term performance concerns. SGH announced a $75 million share repurchase and gained 14% over the past month. MU received a Buy rating from B of A Securities with a raised price target, gaining 30% over the past month. OUST reported record revenue and bookings for 2023, gaining 99% over the past five days.
April 02, 2024 | 12:46 pm
News sentiment analysis
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NEGATIVE IMPACT
Micron Technology received a Buy rating from B of A Securities with a raised price target, gaining 30% over the past month. Its RSI value of 81.92 indicates significant overbought conditions.
The positive analyst rating and price target increase are bullish signals, but the extremely high RSI suggests a potential pullback.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ouster reported record revenue and bookings for 2023, gaining 99% over the past five days. Its RSI value of 84.45 is extremely overbought, raising short-term performance concerns.
Record financial results and a significant stock price increase are positive, but the extremely overbought RSI level suggests caution is warranted.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEUTRAL IMPACT
SMART Global Holdings announced a $75 million share repurchase and saw a 14% gain over the past month. Its RSI value of 71.09 suggests potential short-term performance concerns.
The share repurchase announcement and recent gains are positive, but the overbought RSI status could temper short-term expectations.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90