Investors in the technology sector may find promising opportunities as several stocks have recently entered oversold territory. The relative strength index (RSI), a momentum indicator that compares the strength of a stock during price increases to its strength during declines, identifies these undervalued stocks. An RSI value below 30 typically suggests a stock may be oversold, according to data from Benzinga Pro.
Figma Inc’s Decline and Potential Recovery
Figma Inc (NYSE:FIG) has attracted attention due to its current oversold status. On January 15, analyst Elizabeth Porter from Morgan Stanley maintained an Equal-Weight rating on the company, adjusting its price target from $65 to $48. The stock has decreased approximately 28% over the past month, reaching a 52-week low of $18.41. Currently, Figma’s RSI stands at 26.9. After this news, the stock saw a slight uptick, rising by 5% to close at $28.42 on Thursday.
Similarweb Ltd Faces Pressure but Shows Signs of Life
Another company in the spotlight is Similarweb Ltd (NYSE:SMWB). On January 12, Raimo Lenschow from Barclays maintained an Overweight rating, reducing the price target from $12 to $10. The stock has faced a decline of about 10% over the past five days, with a 52-week low of $5.48. The current RSI value for Similarweb is 29. Following the adjustments, shares of Similarweb increased by 2.5%, closing at $5.69.
Nutanix Inc’s Downgrade and Market Response
Nutanix Inc (NASDAQ:NTNX) has also seen significant movement lately. On January 15, Tim Long from Barclays downgraded Nutanix from Overweight to Equal-Weight, lowering the price target from $64 to $53. With a decline of approximately 14% over the last five days, Nutanix recorded a 52-week low of $41.33. The RSI value for Nutanix is currently 27.9. In response to these changes, shares gained 3.4%, closing at $42.98 on Thursday. Benzinga Pro’s signals feature has also indicated a potential breakout for NTNX shares.
As the market continues to fluctuate, these stocks represent potential buying opportunities for investors looking to capitalize on undervalued technology companies. For those interested in further insights, Benzinga Pro provides detailed rankings and scores for other stocks in the sector.
This analysis does not constitute investment advice, and individuals should conduct their own research before making financial decisions.