Top 4 Tech Stocks You May Want To Dump In Q2

As of April 30, 2024, four stocks in the information technology 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.

AudioEye, Inc. AEYE

• On April 23, AudioEye reported better-than-expected first-quarter financial results. “We are seeing strong business momentum and expect ARR and revenue growth to accelerate in the second quarter and the remainder of the year. As a result, we are raising revenue, adjusted EBITDA, and adjusted EPS guidance for the full year. We are pleased with our operating leverage, and we anticipate high teen adjusted EBITDA margins for the second quarter,” said AudioEye CEO David Moradi. The company's stock gained around 31% over the past five days and has a 52-week high of $16.77.
• RSI Value: 71.18                              
• AEYE Price Action: Shares of AudioEye gained 9.4% to close at $15.63 on Monday.

Impinj, Inc. PI

• On April 24, Impinj, reported better-than-expected first-quarter financial results. "2024 started strong, with revenue and profitability exceeding both our fourth-quarter results and first-quarter guidance," said Chris Diorio, Impinj co-founder and CEO. "As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead." The company's stock gained around 28% over the past five days and has a 52-week high of $159.62.
• RSI Value: 72.90
• PI Price Action: Shares of Impinj gained 4.3% to close at $157.45 on Monday.

HashiCorp, Inc. HCP

• On April 24, IBM announced plans to acquire HashiCorp, Inc. for $35 per share in cash. The company's stock gained around 33% over the past five days and has a 52-week high of $36.39.
• RSI Value: 74.59
• HCP Price Action: Shares of HashiCorp closed at $32.59 on Monday.

Nisun International Enterprise Development Group Co., Ltd NISN

• On Dec 19, 2023, NiSun International Enterprise Development Group posted H1 EPS of $2.87 down from $3.67 year over year. The company's stock jumped around 29% over the past month and has a 52-week high is $8.85.
• RSI Value: 70.07
• NISN Price Action: Shares of Nisun International Enterprise Development fell 2% to close at $7.37 on Monday.

Read This: Coca-Cola, Amazon And 3 Stocks To Watch Heading Into Tuesday