Top 5 Consumer Stocks That Are Ticking Portfolio Bombs

As of July 11, 2024, five stocks in the consumer discretionary 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.

Sony Group Corp SONY

• On June 12, Sony Group's Sony Pictures Entertainment (SPE) acquired Alamo Drafthouse Cinema, a prominent dine-in movie theater chain, marking a significant expansion into the theatrical exhibition sector. "Alamo Drafthouse has always held the craft of filmmaking and the theatrical experience in high esteem, which are fundamental shared values between our companies. I'm jazzed that our company is doing this," said Chairman and CEO of Sony Pictures Motion Picture Group, Tom Rothman. The company's stock gained around 9% over the past five days and has a 52-week high of $100.88.
• RSI Value: 76.70                              
• SONY Price Action: Shares of Sony Group gained 2.5% to close at $92.73 on Wednesday.
• Benzinga Pro's real-time newsfeed alerted to latest SONY’s news.

Rivian Automotive Inc RIVN

• On July 2, Reuters reported that Rivian and Volkswagen do not plan to partner on hardware or produce vehicles together as part of the recently announced planned joint venture. The company's stock gained around 38% over the past month and has a 52-week high of $28.06.
• RSI Value: 74.58
• RIVN Price Action: Shares of Rivian Automotive gained 4.2% to close at $16.37 on Wednesday.
• Benzinga Pro's charting tool helped identify the trend in RIVN’s stock.

Tesla Inc TSLA

• On July 2, Tesla topped consensus estimates for second-quarter deliveries. Tesla's is expected to report second-quarter earnings on July 23. The company's stock gained around 54% over the past month and has a 52-week high of $299.29.
• RSI Value: 85.67
• TSLA Price Action: Shares of Tesla gained 0.4% to close at $263.26 on Wednesday.
• Benzinga Pro's signals feature notified of a potential breakout in TSLA’s shares.

Evgo Inc EVGO

• On June 20, EVgo appointed Keith Hutchison as its first Chief People Officer. “With the seismic shift in the competitive landscape for EV charging over the last few months, it is essential that EVgo doubles down on investments in our culture and employee engagement so that we can attract – and retain – best-in-class talent,” said Badar Khan, CEO of EVgo. “An essential part of growing as a business is developing our internal community – and the introduction of our first Chief People Officer is a vital next step in building upon EVgo’s people initiatives to position us to continue to achieve our mission of Electric for All.” The company's stock jumped around 35% over the past five days and has a 52-week high of $5.95.
• RSI Value: 76.78
• EVGO Price Action: Shares of Evgo gained 11.9% to close at $3.20 on Wednesday.
• Benzinga Pro's earnings calendar was used to track EVGO’s upcoming earnings report.

Everi Holdings Inc EVRI

• On May 8, Everi Hldgs posted upbeat quarterly sales. Randy Taylor, Chief Executive Officer of Everi, said, “We are making progress on the steps necessary to complete our proposed merger with IGT’s Global Gaming and PlayDigital businesses later this year or in early 2025. We are excited about the significant growth opportunities we believe this combination will unlock.” The company's stock jumped around 10% over the past five days and has a 52-week high of $15.25.
• RSI Value: 70.56
• EVRI Price Action: Shares of Everi gained 0.1% to close at $8.95 on Wednesday.
• Insider trades for EVRI were monitored using Benzinga Pro.

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• Wall Street’s Most Accurate Analysts Weigh In On 3 Consumer Stocks Delivering High-Dividend Yields