The most oversold stocks in the materials sector presents an opportunity to buy into undervalued 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 oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Ingevity Corp (NYSE:NGVT)
- On July 31, Ingevity posted weaker-than-expected quarterly results. “As we move forward with transforming Performance Chemicals into a more profitable and stable segment, we continue to see Performance Materials deliver best-in-class results,” said John Fortson, president and CEO. The company's stock fell around 22% over the past five days and has a 52-week low of $34.37.
- RSI Value: 18.64
- NGVT Price Action: Shares of Ingevity fell 14.1% to close at $35.41 on Monday.
- Benzinga Pro's real-time newsfeed alerted to latest NGVT news.
Posco Holdings Inc (NYSE:PKX)
- The company's stock fell around 10% over the past five days. It has a 52-week low of $58.00.
- RSI Value: 19.33
- PKX Price Action: Shares of Posco fell 9.2% to close at $58.66 on Monday.
- Benzinga Pro’s charting tool helped identify the trend in PKX stock.
Mp Materials Corp (NYSE:MP)
- On Aug. 1, MP Materials reported worse-than-expected second-quarter financial results. “We had a very challenging quarter, operationally and financially, with higher-than-expected upstream downtime and a continued weak pricing environment. Despite this, we more than doubled NdPr production sequentially. We also signed a substantial new NdPr supply agreement with a global automaker,” said James Litinsky, Founder, Chairman and CEO of MP Materials. The company's shares fell around 21% over the past five days and has a 52-week low of $10.02.
- RSI Value: 20.10
- MP Price Action: Shares of Mp Materials fell 5.8% to close at $10.52 on Monday.
- Benzinga Pro’s signals feature notified of a potential breakout in MP shares.
Stepan Co (NYSE:SCL)
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