Opportunity knocks loud as oversold consumer discretionary stocks emerge as hidden gems in the market.
The Relative Strength Index (RSI) acts as a compass, guiding traders through the turbulent waters of the stock market. An RSI below 30 indicates oversold conditions, hinting at compelling buying opportunities.
Let’s explore the latest roster of undervalued stocks with RSIs hovering near or below 30.
Topgolf Callaway Brands Corp (MODG)
- Topgolf Callaway Brands took a hit after reporting disappointing second-quarter revenue and lackluster third-quarter guidance, sending its stock plummeting approximately 27% over the past month. With a 52-week low of $9.84, the company faces headwinds but remains optimistic about market share gains and profitability improvements.
- RSI Value: 29.11
- MODG Price Action: The stock closed at $11.38 on Thursday after a 2.5% decline.
Red Robin Gourmet Burgers Inc (RRGB)
- Red Robin disappointed investors with its second-quarter earnings report and reduced FY24 revenue guidance, causing a 22% drop in its stock price over the past month. Despite challenges in the broader restaurant industry, the company emphasized progress against its strategic plan.
- RSI Value: 26.81
- RRGB Price Action: Shares closed at $4.73 on Thursday, down 6.3%.
Genius Group Ltd (GNS)
- Following a reverse stock split in mid-August, Genius Group witnessed a sharp 32% decline in its stock price over the past week, hitting a 52-week low of $1.03. The company’s shares closed at $1.07 on Thursday after a 12.3% dip.
- RSI Value: 25.58
- GNS Price Action: Despite potential signals of a breakout, the stock retreated on Thursday.
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