The industrials sector has some stocks that seem to be way too popular right now, and this could be an opportunity to bet against these companies that appear to be overpriced.
Now, let’s talk about something called RSI, which is like a tool that helps us understand how strong a stock is. It looks at how the stock does on days when its price goes up and compares it to days when the price goes down. This RSI thing can give us a clue about what might happen to the stock in the short run. If the RSI number is above 70, it usually means the stock is too popular and might not be worth its current price.
Here’s a list of some of the companies that are currently very popular in this sector:
Steelcase Inc.
- Steelcase had some really good financial results for the second quarter, and they even gave a prediction for how much they’ll earn in the third quarter and for the whole year 2024. It’s more than what experts expected! They’re saying the earnings per share for the third quarter could be between 23 cents and 27 cents, while experts thought it would be 19 cents. And for the whole year 2024, they’re expecting earnings per share to be between 80 cents and 90 cents, instead of the 67 cents that experts predicted. Plus, the highest price their stock reached in the past year was $11.38.
- RSI Value: 83.15
- What happened to the price of Steelcase stock recently? Well, it went up by 2.3% and closed at $10.75 on Thursday.
Lichen China Limited
- In the past month, the price of this company’s stock went up by more than 90%! Wow! Also, the highest price their stock reached in the last year was $5.82.
- RSI Value: 84.79
- What happened to the price of Lichen China’s stock recently? Well, it shot up by 16.7% and closed at $1.47 on Thursday.
Safe & Green Holdings Corp.
- Safe & Green Holdings has some big news. They’ve announced that they’ll be spinning off SG DevCo to Nasdaq on September 27, 2023. That’s a pretty significant move! And their stock’s highest price in the past year was $2.18.
- RSI Value: 71.76
- As for the recent price action, Safe & Green’s stock went up by 14.6% and closed at $1.81 on Thursday.
Veritiv Corporation
- Veritiv had a really good second quarter, with earnings that were even better than what people expected. Their stock reached a high of $169.85 in the past year.
- Now, there’s something called RSI, which is a number that tells us how strong a stock is. Veritiv’s RSI Value is 72.53, which is a pretty good sign.
- As for their stock price recently, it closed at $168.79 on Thursday.
