Top 3 Tech Stocks You'll Regret Missing This Month

Avi Kapoor

August 29, 2024

The most oversold stocks in the information technology 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 t

o 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.

indie Semiconductor Inc (NASDAQ:INDI)

On Aug. 8, indie Semiconductor reported worse-than-expected second-quarter financial results. “indie continues to demonstrate resilience in the face of challenging automotive market conditions,” said Donald McClymont, indie’s co-founder and chief executive officer. The company's stock fell around 37% over the past month and has a 52-week low of $3.79.
RSI Value: 28.53
INDI Price Action: Shares of indie Semiconductor fell 5.6% to close at $3.89 on Wednesday.
Benzinga Pro's real-time newsfeed alerted to latest INDI news.

Ouster Inc (NYSE:OUST)

On Aug. 13, Ouster reported worse-than-expected second-quarter sales results and issued third-quarter revenue guidance below estimates. "Our second quarter results showcase solid execution with GAAP gross margin increasing to 34%. Consistent with Ouster's strategy of expanding into software solutions, we had one of our best quarters for software-attached sales powered by Ouster Gemini and Blue City. Alongside the continued improvement in our operating results, we have built one of the industry's most resilient balance sheets and diversified business models," said Ouster CEO Angus Pacala. The company's stock fell around 46% over the past month. It has a 52-week low of $3.67.
RSI Value: 25.49
OUST Price Action: Shares of Ouster fell 3.3% to close at $7.24 on Wednesday.
Benzinga Pro’s charting tool helped identify the trend in OUST stock.

Super Micro Computer Inc (NASDAQ:SMCI)

On Aug. 27, Hindenburg Research issued a short report on the stock. The company's shares fell around 36% over the past month and has a 52-week low of $226.59.
RSI Value: 25.38
SMCI Price Action: Shares of Super Micro Computer fell 19% to close at $443.49 on Wednesday.
Benzinga Pro’s signals feature notified of a potential breakout in SMCI shares.

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