Top 3 Tech Stocks That Are Set To Fly This Month

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 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.

Figma Inc (NYSE:FIG)

• On Jan. 15, Morgan Stanley analyst Elizabeth Porter maintained Figma with an Equal-Weight rating and lowered the price target from $65 to $48. The company’s stock fell around 28% over the past month and has a 52-week low of $18.41.
• RSI Value: 26.9
• FIG Price Action: Shares of Figma rose 5% to close at $28.42 on Thursday.

Similarweb Ltd (NYSE:SMWB)   

• On Jan. 12, Barclays analyst Raimo Lenschow maintained Similarweb with an Overweight rating and lowered the price target from $12 to $10. The company’s stock fell around 10% over the past five days and has a 52-week low of $5.48.
• RSI Value: 29
• SMWB Price Action: Shares of Similarweb rose 2.5% to close at $5.69 on Thursday.
• Edge Stock Ratings: 2.11 Momentum score.

Nutanix Inc (NASDAQ:NTNX)

• On Jan. 15, Barclays analyst Tim Long downgraded Nutanix from Overweight to Equal-Weight and lowered the price target from $64 to $53. The company’s stock fell around 14% over the past five days and has a 52-week low of $41.33.
• RSI Value: 27.9
• NTNX Price Action: Shares of Nutanix gained 3.4% to close at $42.98 on Thursday.
• Benzinga Pro’s signals feature notified of a potential breakout in NTNX shares.

Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.

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