The most overbought stocks in the communication services sector present a potential opportunity to go short on these overvalued companies. Here’s the latest list of major overbought players in this sector.
Tencent Music Entertainment Group TME
- Morgan Stanley analyst recently Alex Poon upgraded Tencent Music Entertainment from Equal-Weight to Overweight and raised the price target from $4.50 to $8.50. The company’s stock has a 52-week high of $7.70.
- TME Price Action: Shares of Tencent Music Entertainment dropped 3.7% to settle at $7.34 on Wednesday, but gained 3.1% in the premarket trading session.
Bilibili Inc. BILI
- Bilibili recently reported better-than-expected Q3 adjusted EPS and sales results. The company’s stock has a 52-week high of $61.85.
- BILI Price Action: Shares of Bilibili gained 5.6% to close at $21.72 on Wednesday, and added another 9.7% in the premarket trading.
Manchester United plc MANU
- Manchester United recently announced it is exploring strategic alternatives including a potential sale. The company has a 52-week high of $23.35.
- MANU Price Action: Shares of Manchester United fell 0.4% to close at $22.13 on Wednesday, but gained 1% in the pre-market trading session.
VEON Ltd. VEON
- VEON, last month, reported better-than-expected quarterly sales. The company’s 52-week high is $1.81.
- VEON Price Action: Shares of VEON fell 3.2% to $0.5811 in the pre-market trading session.
uCloudlink Group Inc. UCL
- uCloudlink recently signed a Memorandum of Understanding with Singapore EV provider Apollo EV to provide high-quality in-vehicle network connectivity solutions. The company has a 52-week low of $6.97.
- UCL Price Action: Shares of uCloudlink Group gained 3.2% to settle at $3.57 on Wednesday and added another 5.8% in the premarket trading session.
- Photo via Shutterstock.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.