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The most oversold stocks in the consumer staples 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.
African Agriculture Holdings Inc
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We have the biggest pre-market stock movers that traders are going to want to start the week with on Monday morning!
Moving stocks this morning are Roaring Kitty news, a company filing for bankruptcy and more.
Let’s get into that news below!
Biggest Pre-Market Stock Movers: 10 Top Gainers
10 Top Losers
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
US stocks look set to open modestly higher in Friday's trading session as key inflation data released earlier in the morning met expectations and indicated inflation is slowing down.
Dow Jones Industrial Average futures were up 0.01%, S&P 500 futures were rising 0.2%, and Nasdaq futures were moving 0.3% higher.
Oil prices were rising, with front-month global benchmarks North Sea Brent crude gaining 0.2% to $85.46 per barrel and US West Texas Intermediate crude gaining 0.4% to $82.03 per barrel.
The core PCE index for May, which measures how consumers spend their money excluding seasonal food and energy prices, rose 0.1% as expected compared with April, when it increased 0.2%. On an annual basis, the index rose 2.6% compared with 2.7% the previous month, which also met analysts' expectations.
Later in the morning the Chicago purchasing managers' index, which gauges the economic health of the manufacturing sector in the Chicago area, will be released. The index is expected to rise to 39.7 in June from 35.4 the previous month, according to Bloomberg.
In other world markets, Japan's Nikkei rose 0.6%, Hong Kong's Hang Seng nudged 0.01% higher, and China's Shanghai Composite gained 0.7%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 0.2%, while Germany's DAX was down 0.02% and France's CAC was down 0.9%.
In equities, shares of Cosmos Health jumped 91% in Friday's premarket session after it said Thursday it signed an exclusive distribution deal with Pharmalink for its Sky Premium Life products in the UAE. Ormat Technologies advanced 2%, after a 1.5% gain on Thursday. African Agriculture shares surged 38%, following a 3% loss the previous session. Carisma Therapeutics climbed 28% after it said late Thursday that it nominated an in vivo CAR-M targeting Glypican-3 as the first development candidate under its collaboration with Moderna . And Ocean Power Technologies' stock rose 44% after it said Thursday that it signed an Original Equipment Manufacturer agreement to provide maritime technology to Teledyne Technologies subsidiary Teledyne Marine.
On the losing side, shares of Elicio Therapeutics plunged 39% after it said late Thursday that it launched an underwritten public offering of its shares and accompanying warrants. Nexalin Technology shares tumbled 35% following an 8% gain on Thursday. Accolade shares shed 32% after analysts at Morgan Stanley and Truist cut their price targets on the stock. Inspire Veterinary Partners' I stock lost 21% after surging 64% the previous session. And shares of Nike dropped 16% following multiple analyst downgrades after it reported lower Q4 revenue late Thursday that missed Street expectations.
Elicio Therapeutics stock is falling on Friday after the clinical-stage biotechnology company announced a proposed public offering.
Elicio Therapeutics has announced its plans for a public offering that will include shares of ELTX stock, warrants to purchase additional shares and pre-funded warrants. What the company doesn’t reveal is the size and pricing of the offering.
Elicio Therapeutics says that it intends to use the funds from the offering for “the advancement of its development pipeline.” It will also use the money for working capital and general corporate purposes.
What This Means for ELTX Stock
With this public offering will come an increase in the total number of ELTX shares outstanding. That will also result in the stakes of current investors in Elicio Therapeutics being diluted. That helps explain why shares of ELTX stock are falling on Friday.
To go along with that, investors are likely wary about the pricing of the offering. While it hasn’t been announced yet, it’s likely to be below the current price of the company’s stock. This will likely result in further drops for ELTX shares once the price is announced.
ELTX stock is down 36.2% as of Friday morning. That comes with 18,000 shares traded, as compared to a daily average of about 46,000 shares.
We have more of the most recent stock market stories worth reading about on Friday!
Our coverage includes all of the hottest market news traders need to know about today! That includes everything happening with shares of Nexalin Technology stock, Cosmos Health stock and African Agriculture stock this morning. You can catch up on all of these matters by checking out the links below!
More Stock Market News for Friday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Nexalin Technology stock is down on Friday after the medical device company priced a public offering of its shares.
Nexalin Technology is selling 3 million shares of NXL stock for $1.75 each in this public offering. This has the company expecting gross proceeds from the offering to come in at $5.25 million.
Nexalin Technology notes that Maxim Group LLC is acting as the sole placement agent for the offering. The company is also expecting this offering to close on Monday.
What This Means for NXL Stock
With this public offering comes an increase in the total number of outstanding shares of NXL stock. This will also dilute the stakes of current investors in the company. That’s one of the reasons why Nexalin Technology is seeing its share price fall today.
In addition to that, the price of the shares in the offering is a significant discount over its prior closing price. The company’s shares closed out Thursday at $2.96 per share. It makes sense that shares of NXL shares would drop when the shares in the offering are being sold at such a lower price.
NXL stock is down 35.1% as of Friday morning. This comes with more than 955,000 shares traded. The company’s daily average trading volume is closer to 2.9 million shares.
We have more of the latest stock market stories ready to go today!
Our coverage includes all of the hottest stock market news for Friday! A few examples include what’s happening with shares of Cosmos Health and African Agriculture stock, as well as the biggest pre-market stock movers this morning. All of that news is available at the following links!
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Cosmos Health stock is on the rise Friday after the pharmaceutical company secured a distribution agreement with Pharmalink.
This agreement has Pharmalink acting as the exclusive distributor of Cosmos Health’s Sky Premium Life products in the United Arab Emirates (UAE). Cosmos Health already has a 130,000 purchase order from Pharmalink and expects to deliver over 500,000 units in the first year.
Greg Siokas, CEO of Cosmos Health, said the following about the agreement with Pharmalink.
“This partnership will enable us to launch our Sky Premium Life products dynamically in the UAE, especially in affluent markets such as Dubai and Abu Dhabi. We project receiving purchase orders exceeding 3 million units over the next five years and look forward to expanding our collaboration with Pharmalink.”
How This Affects COSM Stock
With today’s distribution agreement comes heavy trading of COSM shares. That has more than 12.4 million units changing hands. This is well above its daily average trading volume of about 180,000 shares.
COSM stock is up 64.7% as of Friday morning. However, the stock was down 50.4% year-to-date when markets closed yesterday.
Investors who are on the lookout for even more of the most recent stock market stories are in luck!
We have all of the hottest stock market news available on Friday! Among that is why shares of African Agriculture stock are up this morning, the biggest pre-market stock movers today and more. You can find more of that news at the links below!
More Stock Market News for Friday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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