Top 5 Tech Stocks That May Crash In February

The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.

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

Iris Energy Limited IREN

• Iris Energy said it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s. The company’s stock has a 52-week high of $17.97 .
• RSI Value: 72.70
• IREN Price Action: Shares of Iris Energy gained 20.2% to close at $2.56 on Tuesday and added 2% in after-hours trading.

SkyWater Technology, Inc. SKYT

• SkyWater Technology reported better-than-expected Q4 EPS and sales results. "We are pleased to enter 2023 with growing momentum," said Thomas Sonderman, SkyWater president and chief executive officer. "2022 was a year in which we achieved a number of our key strategic objectives, including strong revenue growth exceeding our long-term target of 25%, the significant expansion and improved visibility of our pipeline of ATS programs and partnerships and improved operational execution." The company’s stock has a 52-week high of $20.95.
• RSI Value: 80.53
• SKYT Price Action: Shares of SkyWater Technology gained 22.3% to close at $13.98 on Tuesday and added 0.1% in after-hours trading.

Palantir Technologies Inc. PLTR

• Palantir Technologies reported better-than-expected Q4 EPS and sales results and issued Q1 2023 revenue guidance above estimates. "With this result, Palantir is profitable. This is a significant moment for us and our supporters," said Alex Karp, co-founder and chief executive officer of Palantir Technologies. The company has a 52-week high of $14.86.
• RSI Value: 75.69
• PLTR Price Action: Shares of Palantir Technologies gained 21.2% to close at $9.22 on Tuesday and lost 0.2% in after-hours trading.

indie Semiconductor, Inc. INDI

• indie announced plans to acquire GEO Semiconductor. The company also reaffirmed its Q4 guidance. The company’s 52-week high is $9.43.
• RSI Value: 79.74
• INDI Price Action: Shares of indie Semiconductor jumped 14.3% to close at $9.38 on Tuesday and added 0.8% in after-hours trading.

Mirion Technologies, Inc. MIR

• Mirion Technologies recently posted mixed quarterly results. "2022 was a dynamic year for Mirion, as we completed our first full year as a public company. Our teams responded well to the myriad of challenges faced throughout the year and we delivered a strong finish to 2022," stated Thomas Logan, Mirion’s Chief Executive Officer. The company has a 52-week high of $9.29.
• RSI Value: 77.28
• MIR Price Action: Shares of Mirion Technologies gained 13.4% to settle at $8.45 on Tuesday and lost 0.2% in after-hours trading.

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