Some technology stocks are currently undervalued and could be a good buy right now. One way to identify such opportunities is by looking at a tool called the RSI, which stands for Relative Strength Index. This tool helps us understand how strong a stock is when it’s going up compared to when it’s going down. When the RSI is below 30, it usually means the stock is considered oversold, and that might be a chance to buy it.
Here’s a list of some tech companies with low RSI values:
Progress Software Corporation
- RSI Value: 29.99
- Recent Price: $56.26
- Analyst Daniel Ives thinks this stock is a good buy, with a target price of $65. Progress Software’s stock has been as low as $40.33 in the past.
Silicon Laboratories Inc
- RSI Value: 23.00
- Recent Price: $114.53
- Silicon Laboratories had sales of $245 million in the second quarter, slightly down from last year. They had good results in their Industrial & Commercial business, but their Home & Life business suffered due to weak demand. The stock’s 52-week low was $109.44.
Clear Secure, Inc.
- Clear Secure had a really good second quarter financially, even better than what experts expected. They also predicted that they’ll make more money in 2023 than people thought.
- The lowest price Clear Secure’s stock has been in the last year is $18.56.
- RSI Value: 20.66
- Currently, the stock for Clear Secure is at $18.71, but it went down by 0.2% on Friday.
Allegro MicroSystems, Inc.
- Allegro Microsystems also had a great start to the year by making more money than experts predicted in the first quarter.
- The lowest price for their stock in the past year was $19.80.
- RSI Value: 22.92
- Right now, Allegro MicroSystems’ stock is at $31.90, and it went up by 0.5% on Friday.
