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The most oversold stocks in the communication services 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.
Tencent Music Entertainment Group – ADR
https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091624&t=be2bearmibe3na1
Douyu International Holdings Ltd
Read More:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Asian equities traded in the US as American depositary receipts were treading water Friday morning, nudging 0.2% higher to 1,935.01 on the S&P Asia 50 ADR Index, which is set to close out the week around 2.7% higher.
From North Asia, the gainers were led by computer hardware maker Canaan and automotive ecommerce platform Cango , which climbed 6.4% and 5.8% respectively. They were followed by financial services companies Dunxin Financial and Shinhan Financial Group , which rose 5.2% and 4.4% respectively.
The decliners from North Asia were led by mobile app developer Cheetah Mobile and game-centric live streaming platform DouYu International , which fell 5.2% and 3.9% respectively. They were followed by video-sharing platform Bilibili and property technology company Fangdd Network Group , which dropped 4% and 3.4% respectively.
From South Asia, the gainers were led by IT firms Sify Technologies and Wipro , which increased 5% and 3.5% respectively. They were followed by business process management company WNS and telecommunications operator Telekomunikasi Indonesia , which were up 1.6% and 1% respectively.
The only decliners from South Asia were telecommunications operator PLDT and financial services company ICICI Bank , which were off 0.3% and 0.1% respectively.
DouYu International Holdings Limited reported a fiscal second-quarter revenue decline of 25.9% to $142.01 million year-on-year, missing the analyst consensus estimate of $186.96 million.
The Chinese game-centric live streaming platform's adjusted earnings per ADS loss of $(0.20) compared to $0.30 Y/Y.
Segments: DouYu's Livestreaming revenues decreased by 37.2% Y/Y to $108.7 million as the soft macroeconomic environment prompted product discounting and reduced promotional events.
Innovative business, advertising, and other revenues (formerly known as advertising and other revenues) increased by 80.7% Y/Y to $33.3 million, primarily attributable to the increase in other revenues contributed by other innovative businesses like voice-based social networking services.
Gross margin declined from 13.6% to 8.2% Y/Y, attributable to product discounting. DouYu held $902.9 million in cash and equivalents as of June 30, 2024.
Drivers: DouYu's quarterly average mobile MAUs fell to 44.1 million, down from 50.3 million a year ago. The quarterly average paying user count decreased to 3.4 million from 4.0 million a year ago.
In July, DouYu declared a special cash dividend of $9.76 per share to holders of record as of the close of business on August 21, 2024.
Price Action: DOYU stock is down 3.17% at $8.55 premarket at the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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