Top 5 Real Estate Stocks That May Collapse In Q2

The most overbought stocks in the real estate 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.

Opendoor Technologies Inc. OPEN

• Opendoor Technologies reported better-than-expected first-quarter adjusted EPS and sales results. Carrie Wheeler, CEO of Opendoor said, “Our Q1 results demonstrate our progress in navigating the housing market transition against an uncertain macro backdrop.” The company’s stock has a 52-week high of $6.3850. .
• RSI Value: 77.28
• OPEN Price Action: Shares of Opendoor Technologies rose 15.5% to close at $3.40 on Tuesday.

SL Green Realty Corp. SLG

• SL Green Realty sold its 49.9% stake in the 245 Park Avenue property at a $2 billion valuation. The company’s stock has a 52-week high of $51.69.
• RSI Value: 74.68
• SLG Price Action: Shares of SL Green Realty rose 8.9% to close at $30.72 on Tuesday.

Redfin Corporation RDFN

• Redfin reported better-than-expected first-quarter adjusted EPS and sales results. "Redfin’s first-quarter revenues and earnings exceeded our expectations, keeping us on track for full-year adjusted EBITDA in 2023," said Redfin CEO Glenn Kelman. The company has a 52-week high of $13.03.
• RSI Value: 71.02
• RDFN Price Action: Shares of Redfin rose 10.8% to close at $12.04 on Tuesday.

eXp World Holdings, Inc. EXPI

• DA Davidson reiterated a Buy rating on the stock and raised its price target from $14.5 to $20. The company’s 52-week high is $21.61.
• RSI Value: 70.06
• EXPI Price Action: Shares of eXp World rose 6.5% to close at $19.47 on Tuesday.

Industrial Logistics Properties Trust ILPT

• Industrial Logistics Properties reported better-than-expected first-quarter sales. The company has a 52-week high of $14.47.
• RSI Value: 74.95
• ILPT Price Action: Shares of Industrial Logistics Properties Trust fell 8.9% to settle at $3.19 on Tuesday.

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