Author: Avi Kapoor

As of June 10, 2024, five stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

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 overbought when the RSI is above 70, according to Benzinga Pro.

Here’s the latest list of major overbought players in this sector.

UP Fintech Holding Ltd (NASDAQ:TIGR)

• On June 5, UP Fintech Holding reported a year-over-year increase in first-quarter sales results. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, “Market backdrop was more active in the first quarter, total revenue in the first quarter was US$78.9 million, representing a 12.8% increase sequentially and 19.0% increase compared to the same quarter last year. Benefiting from our brand strength and R&D capabilities, both GAAP and non-GAAP net income experienced significant growth.” GAAP The company’s stock gained around 11% over the past five days and has a 52-week high of $5.80.
• RSI Value: 72.85                              
• TIGR Price Action: Shares of UP Fintech gained 5.9% to close at $4.75 on Friday.

PennantPark Investment Corp. (NYSE:PNNT)

• On May 8, Pennant Park Investment posted downbeat quarterly results. “We are pleased to announce an increase in our monthly dividend based on the continued strong underlying credit performance of our portfolio,” said Arthur Penn, Chairman and CEO.  “Our earnings stream continues to be robust and is driven in part by the  excellent returns generated by our PSLF Joint Venture.” The company’s stock gained around 6% over the past month and has a 52-week high of $7.73.
• RSI Value: 72.03
• PNNT Price Action: Shares of PennantPark Investment rose 0.8% to close at $7.72 on Friday.

Saratoga Investment Corp (NYSE:SAR)

• On May 23, Saratoga Investment raised its quarterly dividend from 73 cents to 74 cents per share. The company’s stock gained around 5% over the past month and has a 52-week high of $28.15.
• RSI Value: 71.18
• SAR Price Action: Shares of Saratoga Investment gained 0.4% to close at $24.29 on Friday.

FS KKR Capital Corp (NYSE:FSK)

• On June 6, FSK completed public offering of $600 million 6.875% unsecured notes due 2029. The company’s stock jumped around 4% over the past month and has a 52-week high is $20.99.
• RSI Value: 71.12
• FSK Price Action: Shares of FS KKR Capital gained 0.2% to close at $20.62 on Friday.

Hagerty Inc (NYSE:HGTY)

• On May 7, Hagerty posted mixed quarterly results. “We are off to a great start in 2024 as the initiatives undertaken in 2023 powered strong top-line momentum and significant margin expansion,” said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty. The company’s stock jumped around 14% over the past month and has a 52-week high of $10.10.
• RSI Value: 75.30
• HGTY Price Action: Shares of Hagerty rose 3% to close at $10.10 on Friday.

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Shares of Larimar Therapeutics, Inc.. (NASDAQ:LRMR) rose sharply in today’s pre-market trading after the company announced that the FDA removed the partial clinical hold previously placed on the nomlabofusp clinical program.

Larimar Therapeutics shares jumped 17.6% to $8.55 in the pre-market trading session.

Here are some other stocks moving in pre-market trading.

Gainers

• Edible Garden AG Incorporated (NASDAQ:EDBL) gained 94.5% to $7.39 in pre-market trading after jumping around 9% on Monday. The company, last week, reported first-quarter financial results.
• MGO Global, Inc. (NASDAQ:MGOL) shares gained 83.6% to $0.42 in pre-market trading after falling over 5% on Monday.
• AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) rose 74.2% to $0.2240 in today’s pre-market trading after jumping over 25% on Monday.
• Meta Materials Inc. (NASDAQ:MMAT) gained 59.1% to $3.66 in pre-market trading. Meta Materials issued an update on naked short selling investigation.
• Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) shares rose 46% to $1.86 in pre-market trading after gaining around 7% on Monday.
• Tevogen Bio Holdings Inc. (NASDAQ:TVGN) shares gained 24.5% to $0.9710 in pre-market trading following a 5% decline on Monday.
• MMTec, Inc. (NASDAQ:MTC) gained 22.8% to $1.29 in pre-market trading after dipping 85% on Monday.
• Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares climbed 22.5% to $18.08 in pre-market trading after jumping over 36% on Monday.
• Allogene Therapeutics, Inc. (NASDAQ:ALLO) gained 10.1% to $2.85 in pre-market trading after falling over 6% on Monday.

Losers

• Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) shares declined 59.2% to $0.0645 in pre-market trading.
• Rubicon Technologies, Inc. (NYSE:RBT) shares dipped 24.1% to $0.2582 in pre-market trading after the company reported a year-over-year decrease in first-quarter sales results.
• LuxUrban Hotels Inc. (NASDAQ:LUXH) shares declined 24.1% to $0.3409 in pre-market trading after the company launched a proposed public offering of securities.
• Scorpius Holdings, Inc. (NYSE:SCPX) shares fell 21.8% to $0.1251 in pre-market trading. Scorpius shares jumped around 55% on Monday after the company announced expansion in San Antonio with a new storage and testing facility.
• Pineapple Energy Inc. (NASDAQ:PEGY) shares fell 19.6% to $0.1528 in pre-market trading after jumping 80% on Monday.
• iSun, Inc. (NASDAQ:ISUN) shares fell 18.8% to $0.1360 in pre-market trading after climbing around 15% on Monday.
• NovaBay Pharmaceuticals, Inc. (NYSE:NBY) shares fell 17.4% to $0.1440 in pre-market trading following a 47% surge on Monday. The company last week announced it launched new Avenova product bundles aimed at providing tailored, cost-effective relief for dry eye symptoms.
• Zenvia Inc. (NASDAQ:ZENV) shares fell 18.2% to $3.15 in pre-market trading after jumping over 67% on Monday.
• Hesai Group (NASDAQ:HSAI) shares declined 11.6% to $4.65 in pre-market trading following first-quarter results.
• Palo Alto Networks, Inc. (NASDAQ:PANW) fell 7.9% to $298.25 in pre-market trading. Palo Alto posted better-than-expected earnings for its third quarter. The company said it sees fourth-quarter adjusted earnings of $1.40 to $1.42 per share on total revenue of $2.15 billion to $2.17 billion.

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As of May 16, 2024, five stocks in the utilities sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

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 overbought when the RSI is above 70, according to Benzinga Pro.  

Here’s the latest list of major overbought players in this sector.

FirstEnergy Corp. (NYSE:FE)

• On April 25, FirstEnergy posted better-than-expected quarterly sales. “Despite a mild winter, we’re off to a solid start in 2024. Our first quarter financial results are above the midpoint of our guidance, reflecting strong execution across each of our businesses,” said Brian X. Tierney, President and Chief Executive Officer. The company’s stock gained around 9% over the past month and has a 52-week high of $40.65 .
• RSI Value: 70.99                              
• FE Price Action: Shares of FirstEnergy rose 1.1% to close at $40.26 on Wednesday.

NRG Energy, Inc. (NYSE:NRG)

• On May 7, NRG Energy reported better-than-expected first-quarter GAAP EPS results. “NRG continued to deliver exceptional operating and financial results during the first quarter of 2024,” said Larry Coben, NRG Chair, Interim President and Chief Executive Officer. The company’s stock gained around 12% over the past five days and has a 52-week high of $86.00.
• RSI Value: 71.11
• NRG Price Action: Shares of NRG Energy rose 2.9% to close at $84.49 on Wednesday.

The AES Corporation (NYSE:AES)

• On May 15, AES agreed to sell its equity interest in AES Brasil to Auren Energia for $640 million. The company’s stock gained around 33% over the past month and has a 52-week high of $22.60.
• RSI Value: 80.91
• AES Price Action: Shares of AES rose 4% to close at $21.13 on Wednesday.

NextEra Energy, Inc. (NYSE:NEE)

• On April 23, NextEra Energy posted upbeat quarterly earnings. The company’s stock jumped around 25% over the past month and has a 52-week high is $77.19.
• RSI Value: 82.39
• NEE Price Action: Shares of NextEra Energy rose 2.2% to close at $77.05 on Wednesday.

PG&E Corporation (NYSE:PCG)

• On April 25, PG&E reported first-quarter FY24 operating revenue of $5.86 billion (vs. $6.21 billion a year ago), missing the consensus of $6.59 billion. The company’s stock jumped around 14% over the past month and has a 52-week high of $18.32.
• RSI Value: 76.63
• PCG Price Action: Shares of PG&E rose 1.7% to close at $18.31 on Wednesday.

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The most oversold stocks in the materials 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.

United States Steel Corporation (NYSE:X)

• United States Steel is expected to release financial results for the first quarter 2024 on Thursday, May 2. The company’s stock fell around 9% over the past month and has a 52-week low of $20.40.
• RSI Value: 29.95
• X Price Action: Shares of United States Steel gained 1.6% to close at $37.17 on Thursday.

Compass Minerals International, Inc. (NYSE:CMP)     

• On March 25, Compass Minerals announced the U.S. Forest Service has informed the company that it will not be entering into a contract for the use of magnesium chloride-based aerial fire retardants for the 2024 fire season. The company’s stock fell around 8% over the past month. It has a 52-week low of $11.85.
• RSI Value: 28.86
• CMP Price Action: Shares of Compass Minerals fell 1.3% to close at $12.62 on Thursday.

Nucor Corporation (NYSE:NUE)

• On April 22, Nucor reported worse-than-expected first-quarter financial results. “Nucor’s performance continues to be strong even as steel market conditions have come off their post-pandemic record highs,” said Leon Topalian, Nucor’s CEO. “We also took several bold steps to advance our growth, sustainability and commercial strategies during the first quarter.” The company’s stock fell around 8% over the past five days and has a 52-week low of $129.79
• RSI Value: 29.36
• NUE Price Action: Shares of Nucor rose 1.8% to close at $175.88 on Thursday.

Cleveland-Cliffs Inc. (NYSE:CLF)

• On April 22, Cleveland-Cliffs reported first-quarter revenue of $5.2 billion, which missed the consensus estimate of $5.346 billion. “Our first quarter results were highlighted by the resiliency of automotive production in the United States, which helped to offset a temporary buyers strike from service centers in January and February,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. The company’s shares lost around 12% over the past five days. The company’s 52-week low is $13.61.
• RSI Value: 25.26
• CLF Price Action: Shares of Cleveland-Cliffs fell 0.5% to close at $18.23 on Thursday.

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The Nasdaq 100 closed higher by over 50 points on Wednesday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.

Delta Air Lines

• The Trade: Delta Air Lines, Inc. (NYSE:DAL) EVP & Pres. – International Alain Bellemare sold a total of 24,073 shares at an average price of $48.86. The insider received around $1.17 million  from selling those shares.
• What’s Happening: On April 10, Delta Air Lines reported better-than-expected first-quarter earnings.
• What Delta Air Lines Does: Atlanta-based Delta Air Lines is one of the world’s largest airlines, with a network of over 300 destinations in more than 50 countries.

Have a look at our premarket coverage here

Jefferies Financial

• The Trade: Jefferies Financial Group Inc (NYSE:JEF) CEO Richard B Handler sold a total of 1,500,000 shares at an average price of $43.50. The insider received around $65.25 million from selling those shares.
• What’s Happening: On April 11, Jefferies Financial Group reported pricing of $1.50 billion 6.200% senior notes due 2034.
• What Jefferies Financial Does: Jefferies Financial Group Inc is a diversified financial services company.

Hershey Company

• The Trade: The Hershey Company (NYSE:HSY) Steven E Voskuil sold a total of 1,500 shares at an average price of $185.83. The insider received around $278,745 from selling those shares.
• What’s Happening: On April 17, Wells Fargo analyst Chris Carey maintained Hershey with an Equal-Weight and lowered the price target from $205 to $200.
• What Hershey Company Does: Hershey is a leading confectionery manufacturer in the us (around a $25 billion market), controlling around 36% of the domestic chocolate space (per Euromonitor).

Maplebear

• The Trade: Maplebear Inc. (NASDAQ:CART) General Counsel & Secretary Morgan Fong sold a total of 18,687 shares at an average price of $34.86. The insider received around $651,514 from selling those shares.
• What’s Happening: On April 23, Needham analyst Bernie McTernan reiterated Maplebear with a Hold.
• What Maplebear Does: Maplebear, which does business as Instacart, is an online grocery pickup and delivery service provider currently in the United States and Canada.

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Although U.S. stocks closed mixed on Wednesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.

Northern Technologies International

• The Trade: Northern Technologies International Corporation (NASDAQ:NTIC) Director Sarah E. Kemp acquired a total of 1,275 shares at  an average price of $15.70. To acquire these shares, it cost around $20,018.
• What’s Happening: On April 11, Northern Technologies International reported better-than-expected second-quarter adjusted EPS results.
• What Northern Technologies International Does: Northern Technologies International Corp, or NTIC is a United States-based firm that develops and markets environmentally beneficial products and services world-wide either directly or through a network of joint ventures, distributors, and agents.

Harrow

• The Trade: Harrow, Inc. (NASDAQ:HROW) 10% owner Opaleye Management Inc. acquired a total of 20,000 shares at an average price of $10.23. To acquire these shares, it cost around $204,640.
• What’s Happening: On April 11, Craig-Hallum initiated coverage on Harrow with a Buy rating and announced a price target of $24.
• What Harrow Does: Harrow Inc is an eyecare pharmaceutical company engaged in the discovery, development, and commercialization of ophthalmic pharmaceutical products for the U.S. market.

Don’t forget to check out our premarket coverage here

RXO

• The Trade: RXO, Inc. (NYSE:RXO) 10% owner Farhad Nanji bought a total of 100,000 shares at an average price of $19.82. To acquire these shares, it cost around $1.98 million.
• What’s Happening: RXO said it will issue its first-quarter financial results before the opening bell on May 2, 2024.
• What RXO Does: RXO Inc is a brokered transportation platform defined by cutting-edge technology and a nimble, asset-light business model, with the largest component being core truck brokerage business.

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During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga’s extensive database of analyst ratings, including by analyst accuracy.

Below are the ratings of the most accurate analysts for three high-yielding stocks in the financial sector.

Lincoln National Corporation (NYSE:LNC)

• Dividend Yield: 6.27%
• Wells Fargo analyst Elyse Greenspan maintained an Equal-Weight rating and raised the price target from $26 to $28 on April 11, 2024. This analyst has an accuracy rate of 76%.
• Piper Sandler analyst John Barnidge maintained a Neutral rating and boosted the price target from $28 to $32 on April 5, 2024. This analyst has an accuracy rate of 75%.
• Recent News: Lincoln Financial Group said it will report its results for the first quarter on May 2, 2024.

New York Community Bancorp, Inc. (NYSE:NYCB)

• Dividend Yield: 6.29%
• Citigroup analyst Keith Horowitz maintained a Neutral rating and cut the price target from $5 to $3.5 on March 7, 2024. This analyst has an accuracy rate of 78%.
• Morgan Stanley analyst Manan Gosalia maintained an Equal-Weight rating and slashed the price target from $6 to $4 on March 7, 2024. This analyst has an accuracy rate of 71%.
• Recent News: On April 12, New York Community Bancorp reported the appointment of four distinguished leaders to its executive management team.

The Western Union Company (NYSE:WU)

• Dividend Yield: 7.01%
• BMO Capital analyst Rufus Hone maintained a Market Perform rating and raised the price target from $12 to $13 on Feb. 7, 2024. This analyst has an accuracy rate of 76%.
• Wolfe Research analyst Darrin Peller downgraded the stock from Peer Perform to Underperform on Jan. 4, 2024. This analyst has an accuracy rate of 73%.
• Recent News: The Western Union Company is scheduled to host a webcast and conference call to discuss first quarter results on April 24, at 4:30 p.m. ET.

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U.S. stock futures were higher this morning, with the Dow futures gaining over 150 points on Monday.

Shares of Tesla, Inc. (NASDAQ:TSLA) fell sharply in today’s pre-market trading after the company reduced vehicle prices in the US, Germany and China.

Late Friday after the market closed for the week, Tesla sprang in a surprise by announcing a $2,000 price cut for its U.S. electric-vehicle lineups, excluding the refreshed Model 3 and Cybertruck.

Tesla shares fell 3.6% to $141.82 pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

• iLearningEngines, Inc. (NASDAQ:AILE) shares declined 16.4% to $5.75 in pre-market trading after declining 5% on Friday.
• Adlai Nortye Ltd. (NASDAQ:ANL) shares fell 12.7% to $13.97 in pre-market trading after surging 23% on Friday.
• Li Auto Inc. (NASDAQ:LI) fell 7.5% to $24.40 in pre-market trading. Shares of Chinese EV stocks traded lower after Tesla reduced vehicle prices in China.
• Mobile-health Network Solutions (NASDAQ:MNDR) fell 7.4% to $25.26 in pre-market trading after jumping 34% on Friday.
• Coeur Mining, Inc. (NYSE:CDE) shares declined 6.2% to $4.22 in pre-market trading. Shares of precious metals stocks traded lower amid a pullback in the price of gold and silver.
• i-80 Gold Corp. (NYSE:IAUX) shares fell 4.7% to $1.21 in pre-market trading after gaining around 6% on Friday.
• Informatica Inc. (NYSE:INFA) fell 6.4% to $32.94 in pre-market trading following reports suggesting Salesforce’s talks to acquire the company have eased.

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Brown & Brown, Inc. (NYSE:BRO) is set to release earnings results for its first quarter after the closing bell on April 22, 2024.

Analysts expect the Daytona Beach, Florida-based company to report quarterly earnings at $1.05 per share, up from 84 cents per share in the year-ago period. Brown & Brown is projected to report quarterly revenue of $1.22 billion, compared to $1.07 billion in the year-earlier quarter, according to data from Benzinga Pro.

Brown & Brown recently acquired the assets of CHAPP and Citrus Insurance.

Brown & Brown shares rose 1.3% to close at $82.17 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

• Citigroup analyst Michael Ward maintained a Buy rating and raised the price target from $89 to $94 on April 16, 2024. This analyst has an accuracy rate of 76%.
• Wells Fargo analyst Elyse Greenspan maintained an Equal-Weight rating and boosted the price target from $81 to $84 on April 11, 2024. This analyst has an accuracy rate of 75%.
• Keefe, Bruyette & Woods analyst Meyer Shields maintained an Underperform rating and raised the price target from $75 to $80 on April 10, 2024. This analyst has an accuracy rate of 72%.
• Raymond James analyst C. Gregory Peters reiterated an Outperform rating and boosted the price target from $90 to $95 on March 26, 2024. This analyst has an accuracy rate of 72%.
• Truist Securities analyst Mark Hughes maintained a Buy rating and increased the price target from $85 to $92 on Jan. 24, 2024. This analyst has an accuracy rate of 80%.

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As of April 19, 2024, two stocks in the communication services sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

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 overbought when the RSI is above 70, according to Benzinga Pro.  

Here’s the latest list of major overbought players in this sector.

Hanryu Holdings, Inc. (NASDAQ:HRYU)

• On Feb. 14, Hanryu Holdings 13D filing showed Hang Muk Shin and Sewang Co., Ltd. reported a 13.13% stake in the company as of Dec. 7, 2023. The company’s stock gained around 36% over the past five days and has a 52-week high of $7.78.
• RSI Value: 70.85                              
• HRYU Price Action: Shares of Hanryu Holdings rose 3.5% to close at $0.5899 on Thursday.

IZEA Worldwide, Inc. (NASDAQ:IZEA)

• On April 1, IZEA Worldwide posted downbeat quarterly results. “Last year we made comprehensive strategic adjustments to better position ourselves for 2024 and beyond,” commented Ted Murphy, Founder and CEO of IZEA. “This included shifts in organizational frameworks, as well as updates to our platforms and pricing strategies. We made these challenging yet necessary transitions to improve our operations, setting the stage for an upcoming era of ambitious global expansion through both organic and inorganic initiatives. I’m happy to report that we are beginning to see the positive outcomes of these changes in the first quarter of this year.” The company’s stock gained around 25% over the past month and has a 52-week high of $3.28.
• RSI Value: 80.12
• IZEA Price Action: Shares of IZEA Worldwide gained 2.4% to close at $2.59 on Thursday.

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