Benzinga – by Avi Kapoor, Benzinga Staff Writer.
As of June 12, 2024, four stocks in the industrials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense 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’s the latest list of major overbought players in this sector.
American Superconductor Corporation (NASDAQ:AMSC)
- On May 29, American Superconductor posted strong fourth-quarter financial results. “Our fourth quarter results exceeded our forecast by nearly every measure, with growth in both our Grid and Wind segments and a third consecutive quarter of non-GAAP net income. During the fourth quarter, we booked $39 million in orders, and our backlog at year-end stood at $140 million,” said Daniel P. McGahn, President and CEO of AMSC. The company’s stock gained around 57% over the past month and has a 52-week high of $22.50.
- RSI Value: 76.46
- AMSC Price Action: Shares of American Superconductor fell 0.5% to close at $21.96 on Tuesday.
Verisk Analytics, Inc. (NASDAQ:VRSK)
- On May 1, Verisk Analytics reported better-than-expected quarterly financial results. Lee Shavel, president and CEO, Verisk, said, “I am very pleased to share that 2024 is off to a solid start at Verisk. We are executing our growth strategy with our powerful economic model that creates value through investment in data, new technologies, and strategic engagement with our clients across the entire insurance ecosystem.” The company’s stock gained around 7% over the past month and has a 52-week high of $264.94.
- RSI Value: 73.16
- VRSK Price Action: Shares of Verisk Analytics rose 0.5% to close at $264.67 on Tuesday.
Stericycle Inc (NASDAQ:SRCL)
- On June 3, Stericycle announced that it entered into a definitive agreement to be acquired by Waste Management. The company’s stock gained around 26% over the past month and has a 52-week high of $59.45.
- RSI Value: 74.99
- SRCL Price Action: Shares of Stericycle fell 0.4% to close at $58.77 on Tuesday.
ABM Industries Inc (NYSE:ABM)
- On June 6, ABM reported second-quarter sales growth of 1.7% year-over-year to $2.02 billion, beating the consensus of $2 billion. “ABM’s service breadth, people, and customer focus, as well as the investments we have made in technology, have enabled us to perform well in challenging market conditions. Going forward, we expect to further leverage our investments and strong free cash flow to self-fund growth and pursue margin expansion opportunities, while at the same time consistently returning capital and building long-term stockholder value,” commented Scott Salmirs, President & Chief Executive Officer. The company’s stock jumped around 10% over the past month and has a 52-week high is $53.05.
- RSI Value: 72.91
- ABM Price Action: Shares of ABM gained 1% to close at $50.61 on Tuesday.
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