Author: Avi Kapoor

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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U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 0.2% on Tuesday.

The Dow traded up 0.13% to 37,784.21 while the NASDAQ fell 0.20% to 15,853.34. The S&P 500 also fell, dropping, 0.29% to 5,047.11.

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Leading and Lagging Sectors

 

Health care shares rose by 0.2% on Tuesday.

In trading on Tuesday, real estate shares fell by 1.8%.

 

Top Headline

 

Morgan Stanley (NYSE:MS) reported better-than-expected earnings for its first quarter.

The company reported revenues of $15.1 billion, beating the consensus of $14.34 billion. EPS stood at $2.02, beating the consensus of $1.68.

 

Equities Trading UP

 

Jaguar Health, Inc. (NASDAQ:JAGX) shares shot up 57% to $0.1861 after the company signed an exclusive 5-year in-license agreement with Venture Life Group for Gelclair.

Shares of WiSA Technologies, Inc. (NASDAQ:WISA) got a boost, surging 97% to $3.44 after the company announced a 5-year WiSA E licensing agreement with an HDTV/PTV brand.

Palisade Bio, Inc. (NASDAQ:PALI) shares were also up, gaining 54% to $6.40 after the company announced the completion of analysis evaluating ex-vivo bioactivation of PALI-2108.

 

Equities Trading DOWN

 

Barnes & Noble Education, Inc. (NYSE:BNED) shares dropped 64% to $0.25 after the company announced a short-term shareholder rights plan and a new equity investment.

Shares of Calidi Biotherapeutics, Inc. (NYSE:CLDI) were down 55% to $0.27 after the company announced the pricing of a $6.1 million public offering.

Pacific Biosciences of California, Inc. (NASDAQ:PACB) was down, falling 42% to $1.6550 after the company issued weak guidance.

Also Check This Out: Top 4 Tech Stocks You May Want To Dump In April

 

Commodities

 

In commodity news, oil traded up 0.1% to $85.49 while gold traded up 0.8% at $2,402.50.

Silver traded down 2.2% to $28.10 on Tuesday, while copper fell 2.1% to $4.2860.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 dipped 1.64%, London’s FTSE 100 fell 1.94% while Spain’s IBEX 35 Index declined 1.61% The German DAX dipped 1.52% French CAC 40 fell 1.55% while Italy’s FTSE MIB Index declined 1.73%.

The Eurozone reported a trade surplus of €23.6 billion in February, up from a year-ago surplus of €3.6 billion. The ZEW Indicator of Economic Sentiment for the Eurozone improved by 10.4 points to a reading of 43.9 in April.

The ZEW Indicator of Economic Sentiment for Germany climbed to 42.9 in April, compared to 31.7 in March, and topping market estimates of 35.9, while German wholesale prices declined by 3% year-over-year in March. The annual inflation rate in Italy accelerated to 1.2% in March from 0.8% in February.

Average weekly earnings, including bonuses, in the UK rose 5.6% year-over-year to GBP 677/week during the three months to February, while unemployment rate increased to 4.2% from 3.9%.

 

Asia Pacific Markets

 

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.94%, Hong Kong’s Hang Seng Index dropping 2.12%, China’s Shanghai Composite falling 1.65% and India’s S&P BSE Sensex dipping 0.62%.

Chinese retail sales climbed by 3.1% year-over-year in March compared to a 5.5% gain in the earlier period, while Chinese economy expanded by 1.6% in the first quarter versus a revised 1.2% gain in the prior quarter. China’s industrial production surged by 4.5% year-over-year in March.

 

Economics

 

U.S. building permits declined by 4.3% to an annual rate of 1.458 million in March, compared to a 2.3% increase in February.

Housing starts in the U.S. dipped 14.7% month-over-month to an annual rate of 1.321 million in March versus revised 1.549 million level in the prior month.

Industrial production in the U.S. increased by 0.4% from the prior month in March versus a revised 0.4% rise in the prior month.

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Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $70,000 level on Friday.

Ethereum (CRYPTO: ETH) edged lower, but remained above the key $3,500 mark this morning.

BitTorrent (New) (CRYPTO: BTT) was the top gainer over the prior 24 hours, while Pendle (CRYPTO: PENDLE) turned out to be the biggest loser.

At the time of writing, the global crypto market cap rose to $2.63 trillion, recording a 24-hour gain of 0.1%. BTC was trading higher by 0.7% at $70,802 while ETH fell by around 0.5% to $3,534 on Friday.

Here are the top ten crypto gainers and losers over the past 24 hours:

Gainers

 

BitTorrent (New) (CRYPTO: BTT)
Price: $0.000001628
24-hour gain: 9.5%

Cronos (CRYPTO: CRO)
Price: $0.1557
24-hour gain: 7.4%

Conflux (CRYPTO: CFX)
Price: $0.3572
24-hour gain: 5.4%

BNB (CRYPTO: BNB)
Price: $622.04
24-hour gain: 4.1%

VeChain (CRYPTO: VET)
Price: $0.04954
24-hour gain: 4.1%

Losers

 

Pendle (CRYPTO: PENDLE)
Price: $6.70
24-hour drop: 9.1%

Bittensor (CRYPTO: TAO)
Price: $618.52
24-hour drop: 7.8%

JasmyCoin (CRYPTO: JASMY)
Price: $0.02296
24-hour drop: 7.7%

Jupiter (CRYPTO: JUP)
Price: $1.26
24-hour drop: 6.2%

dogwifhat (CRYPTO: WIF)
Price: $3.39
24-hour drop: 5.8%

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On CNBC’s “Mad Money Lightning Round,” Jim Cramer said “no” to MarineMax Inc (NYSE:HZO). “It’s just too risky right here,” he noted.

On March 11, MarineMax announced a new stock repurchase program of up to $100 million.

Trade Desk Inc (NASDAQ:TTD) is “great,” Cramer said.

On Feb. 15, Trade Desk reported better-than-expected fourth-quarter revenue results.

The “Mad Money” host recommended selling Peabody Energy Corp (NYSE:BTU), adding, “I’m not a coal guy.”

On Feb. 8, Peabody Energy posted weaker-than-expected fourth-quarter earnings.

Cramer said Geron Corp (NASDAQ:GERN) is “just ok. I mean, we’ve got so many great biotechs these days.” He recommended sticking with the “good ones.”

On March 14, Geron Co announced that the U.S. Food and Drug Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) voted in favor of the clinical benefit/risk profile of imetelstat for the treatment of transfusion-dependent anemia.

Archer Aviation Inc (NYSE:ACHR) is losing a lot of money, Cramer said, “It’s just too speculative for me.”

On Feb. 26, Archer Aviation reported worse-than-expected fourth-quarter financial results.

Cramer said he likes Uranium Energy Corp. (NYSE:UEC).

On March 25, Uranium Energy reported the appointment of Brent Berg as Senior Vice-President, U.S. Operations.

Price Action:

• MarineMax shares fell 6.4% to settle at $27.50 on Wednesday.
• Uranium Energy shares gained 3.4% to close at $7.13.
• Peabody Energy shares gained 0.3% to close at $23.57 during Wednesday’s session.
• Shares of Trade Desk fell 0.5% to close at $86.44 on Wednesday.
• Geron shares rose 0.3% to settle at $3.44 on Wednesday.
• Archer Aviation shares fell 2.8% to close at $4.16.

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Image: Shutterstock

The Dow Jones index closed lower by around 10 points on Monday. When insiders purchase or sell shares, it indicates their confidence or concern around the company’s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

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

Citizens

• The Trade: Citizens, Inc. (NYSE:CIA) Director Terry Sam Maness acquired a total of 1,000 shares an average price of $2.14. To acquire these shares, it cost around $2,137.
• What’s Happening: On March 18, Citizens, named Jon Stenberg as President of Citizens.
• What Citizens Does: Citizens Inc is an insurance holding company serving the life insurance needs of individuals in the United States.

Tecogen

• The Trade: Tecogen Inc. (OTC:TGEN) Director John Hatsopoulos acquired a total of 1,000 shares at at an average price of $0.70. To acquire these shares, it cost around $700.
• What’s Happening: On March 13, Tecogen reported revenues of $5.9 million and a net loss of $1.8 million for the quarter ended Dec. 31, 2023.
• What Tecogen Does: Tecogen Inc, designs, manufactures, markets, and maintains high-efficiency, ultra-clean cogeneration products. It operates in three business segments, namely Products, Services, and Energy Production.

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Silo Pharma

• The Trade: Silo Pharma, Inc. (NASDAQ:SILO) CEO and President Eric Weisblum acquired a total of 1,000 shares at an average price of $1.99. The insider spent around $1,988 to buy those shares.
• What’s Happening: Silo Pharma approved extension of previously announced stock repurchase program authorizing purchase of up to $1 million common stock until April 30.
• What Silo Pharma Does: SILO Pharma Inc is a developmental stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions, and central nervous system (CNS) diseases.

 

Don’t forget to check out our premarket coverage here

The Dow Jones index closed lower by around 400 points on Tuesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company’s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

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

CalciMedica

• The Trade: CalciMedica, Inc. (NASDAQ:CALC) Chief Business Officer Eric W Roberts acquired a total of 4,000 shares an average price of $3.90. To acquire these shares, it cost around $15,600.
• What’s Happening: On March 28, CalciMedica posted a fourth-quarter loss of 23 cents per share.
• What CalciMedica Does: CalciMedica Inc is a clinical-stage biopharmaceutical company focused on developing therapies for life-threatening inflammatory diseases with high unmet need.

Tecogen

• The Trade: Tecogen Inc. (OTC:TGEN) Director John Hatsopoulos acquired a total of 30,000 shares at at an average price of $0.70. To acquire these shares, it cost around $7,000.
• What’s Happening: On March 13, Tecogen reported revenues of $5.9 million and a net loss of $1.8 million for the quarter ended Dec. 31, 2023.
• What Tecogen Does: Tecogen Inc, designs, manufactures, markets, and maintains high-efficiency, ultra-clean cogeneration products. It operates in three business segments, namely Products, Services, and Energy Production.

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RENN Fund

• The Trade: RENN Fund, Inc. (NYSE:RCG) President and CEO Murray Stahl acquired a total of 57 shares at an average price of $1.56. The insider spent around $89 to buy those shares.
• What’s Happening: RENN Fund shares gained 5% over the past month.
• What RENN Fund Does: RENN Fund Inc is active in the financial services domain. It is a closed-end management investment company formed to provide return through capital appreciation and income by a long-term, value-oriented investment process that invests in a wide variety of financial instruments, including but not limited to, common stocks, fixed-income securities including convertible and non-convertible debt securities or loans, distressed debt, warrants, and preferred stock, exchange-traded funds and exchange-traded notes, and other instruments.

 

Don’t forget to check out our premarket coverage here

Although U.S. stocks closed higher 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.

Snowflake

• The Trade: Snowflake Inc. (NYSE:SNOW) CEO Sridhar Ramaswamy acquired a total of 31,542 shares an average price of $158.52. To acquire these shares, it cost around $5 million.
• What’s Happening: On March 19, Redburn Atlantic analyst Alex Haissl downgraded Snowflake from Neutral to Sell and announced a $125 price target.
• What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers.

Legacy Housing

• The Trade: Legacy Housing Corporation (NASDAQ:LEGH) Director Francisco Javier Coll acquired a total of 1,650 shares at an average price of $20.02. To acquire these shares, it cost around $33,033.
• What’s Happening: On March 15, Legacy Housing reported worse-than-expected fourth-quarter financial results.
• What Legacy Housing Does: Legacy Housing Corp builds, sell, and finance manufactured homes and tiny houses that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities.

Don’t forget to check out our premarket coverage here

Mistras Group

• The Trade: Mistras Group, Inc. (NYSE:MG) Interim President and CEO Manuel N. Stamatakis bought a total of 15,000 shares at an average price of $6.00. To acquire these shares, it cost around $90,000.
• What’s Happening: On March 6, MISTRAS Group reported worse-than-expected fourth-quarter earnings.
• What Mistras Group Does: MISTRAS Group Inc provides asset protection solutions and systems. The company evaluates the structural integrity and reliability of critical energy, industrial, and public infrastructure.

Mirum Pharmaceuticals

• The Trade: Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) CFO Eric Bjerkholt bought a total of 2,000 shares at an average price of $24.80. The insider spent around $49,600 to buy those shares.
• What’s Happening: On March 13, The FDA approved the company’sLivmarli (maralixibat) oral solution for cholestatic pruritus in patients five years of age and older with progressive familial intrahepatic cholestasis (PFIC).
• What Mirum Pharmaceuticals Does: Mirum Pharmaceuticals Inc is a biopharmaceutical company focused on the identification, acquisition, development, and commercialization of novel therapies for debilitating rare and orphan diseases.

 

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Verizon Communications Inc. (NYSE:VZ) shares closed higher during Wednesday’s session amid overall strength in the stock market.

Verizon is scheduled to report first-quarter 2024 earnings before the opening bell on April 22, 2024. Analysts expect the New York-based company to report quarterly earnings at $1.12 per share, down from $1.20 per share in the year-ago period. The company is projected to post revenue of $33.33 billion, up from $32.91 billion in the year-earlier quarter, according to data from Benzinga Pro.

On March 22, Redburn Atlantic analyst Steve Malcolm upgraded Verizon Communications from Sell to Neutral and announced a $39 price target.

With the recent buzz around Verizon, some investors may be eyeing potential gains from the company’s dividends. As of now, Verizon has a dividend yield of 6.40%, which is a quarterly dividend amount of 66.5 cents a share ($2.66 a year).

To figure out how to earn $500 monthly from Verizon, we start with the yearly target of $6,000 ($500 x 12 months).

Next, we take this amount and divide it by Verizon’s $2.66 dividend: $6,000 / $2.66 = 2,256 shares

So, an investor would need to own approximately $93,714 worth of Verizon, or 2,256 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $2.66 = 451 shares, or $18,735 to generate a monthly dividend income of $100.

Also Read: Top 3 Consumer Stocks That May Rocket Higher This Quarter

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

VZ Price Action: Shares of Verizon gained 1.7% to close at $41.54 on Wednesday.

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Image: Shutterstock

As of March 28, 2024, five stocks in the health care 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.

The Pennant Group, Inc. (NASDAQ:PNTG)

• On Feb. 28, Pennant posted better-than-expected quarterly sales. “We are pleased with our strong finish to 2023 and continued momentum as we enter 2024,” said Brent Guerisoli, Pennant’s Chief Executive Officer. “By executing on our five key focus areas–leadership development, clinical excellence, employee engagement, margin improvement, and growth–we made steady gains throughout 2023 and solidly delivered on earnings expectations, even after increasing guidance during the year.” The company’s stock gained around 18% over the past month and has a 52-week high of $20.50 .
• RSI Value: 90.15
• PNTG Price Action: Shares of Pennant Group gained 1.7% to close at $19.84 on Wednesday.

Mesoblast Limited (NASDAQ:MESO)

• On March 25, the FDA informed Mesoblast that following additional consideration, the available clinical data from its Phase 3 study MSB-GVHD001 appears sufficient to support submission of the proposed Biologics License Application (BLA) for remestemcel-L for pediatric patients with steroid-refractory acute graft versus host disease (SR-aGVHD). The company’s stock gained around 54% over the past five days and has a 52-week high of $10.24.
• RSI Value: 71.74
• MESO Price Action: Shares of Mesoblast dipped 11.2% to close at $3.49 on Wednesday.

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

• On March 21, ARS Pharmaceuticals reported a narrower-than-expected fourth-quarter loss. The company’s stock gained around 13% over the past five days and has a 52-week high of $10.20.
• RSI Value: 70.11
• SPRY Price Action: Shares of ARS Pharmaceuticals fell 0.4% to close at $9.96 on Wednesday.

Neuronetics, Inc. (NASDAQ:STIM)

• On March 25, NeuroStar Advanced Therapy received the FDA clearance as first-line add-on treatment for adolescents with depression. The company’s stock jumped around 62% over the past month and has a 52-week high is $4.99.
• RSI Value: 72.16
• STIM Price Action: Shares of Neuronetics gained 0.8% to close at $4.80 on Wednesday.

Inozyme Pharma, Inc. (NASDAQ:INZY)

• On March 26, Inozyme Pharma announced that it will discuss topline data from its ongoing Phase 1/2 trial of INZ-701 in adults with ABCC6 Deficiency, and from all cohorts of its ongoing Phase 1/2 trial of INZ-701 in adults with ENPP1 Deficiency. The company’s stock jumped around 22% over the past five days and has a 52-week high of $7.56.
• RSI Value: 71.56
• INZY Price Action: Shares of Inozyme Pharma climbed 9% to close at $7.39 on Wednesday.

 

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The most oversold stocks in the communications 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.

Sirius XM Holdings Inc. (NASDAQ:SIRI)

• On Feb. 1, Sirius XM Holdings posted better-than-expected fourth-quarter earnings. Guggenheim analyst Curry Baker initiated coverage on Sirius XM Holdings with a Neutral rating and announced a price target of $4 on March 14. The company’s stock fell around 18% over the past month and has a 52-week low of $3.32 .
• RSI Value: 16.95
• SIRI Price Action: Shares of Sirius XM rose 0.3% to close at $3.89 on Monday.

Integral Ad Science Holding Corp. (NASDAQ:IAS)

• On Feb. 27, Integral Ad Science Holding reported upbeat results for its fourth quarter. “We ended 2023 with strong fourth quarter performance across optimization and measurement with revenue growth of 16% and 18%, respectively,” said Lisa Utzschneider, CEO of IAS. “Social media revenue increased 37% in the fourth quarter as marketers trusted IAS to maximize their advertising spend globally, particularly in short-form video. In 2024, we will continue to invest in data science and innovate with AI to empower marketers with actionable data to drive superior results. We expect to deliver double-digit revenue growth for the full year.” The company’s stock fell around 45% over the past month. It has a 52-week low of $9.10.
• RSI Value: 29.41
• IAS Price Action: Shares of Integral Ad Science Holding fell 1.6% to close at $9.34 on Monday.

 

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