Top 5 Tech Stocks That You May Want To Dump In Q2

The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued companies.

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.

Here’s the latest list of major overbought players in this sector.

Yext, Inc. YEXT

  • Yext reported better-than-expected first-quarter results and issued strong FY24 forecast. "We had a strong start to the year, achieving record levels in the first quarter with both our non-GAAP EPS and Adjusted EBITDA," said Michael Walrath, CEO and Chair of the Board. " The company’s stock has a 52-week high of $14.35 .
  • RSI Value: 91.32
  • YEXT Price Action: Shares of Yext jumped 38.4% to close at $13.29 on Wednesday.

Semtech Corporation SMTC

  • Semtech reported better-than-expected first-quarter results. "Semtech exceeded the midpoint of our revenue and earnings guidance as we see signs of business stabilization," said Mohan Maheswaran, Semtech’s President and Chief Executive Officer. The company’s stock has a 52-week high of $65.51.
  • RSI Value: 77.35
  • SMTC Price Action: Shares of Semtech rose 1.5% to close at $22.43 on Wednesday.

Novonix Limited NVX

  • VL Test Systems, Inc. announced it has finalized a Sales and Service Agreement with NOVONIX Battery Technology Solutions, a subsidiary of NOVONIX. "We're thrilled to be partnering with AVL to make our UHPC systems even more accessible to our customers in the United States," said Darcy MacDougald, President, NOVONIX Battery Technology Solutions. The company has a 52-week high of $9.90.
  • RSI Value: 74.16
  • NVX Price Action: Shares of Novonix gained 18.9% to close at $3.15 on Wednesday.

Cambium Networks Corporation CMBM

  • Cambium Networks reported better-than-expected first-quarter results. "Our first quarter profitability was excellent as a result of strong sales of Enterprise products as customers realize the high-quality, reliability, and value proposition provided by our Cambium ONE Network integrated wireless fabric," said Atul Bhatnagar, president and CEO. The company’s 52-week high is $20.53.
  • RSI Value: 79.24
  • CMBM Price Action: Shares of Cambium Networks rose 8.7% to close at $17.38 on Wednesday.

Chindata Group Holdings Limited CD

  • Chindata Group Holding received a preliminary non-binding going private proposal for $8 per share. The company has a 52-week high of $9.21.
  • RSI Value: 74.82
  • CD Price Action: Shares of Chindata Group rose 10.5% to settle at $6.94 on Wednesday.

 

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