As of Aug 5, 2024, two stocks in the real estate 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.
Ventas Inc (NYSE:VTR)
- On Aug. 1, Ventas posted better-than-expected quarterly results. “We started 2024 with momentum, which continued in the second quarter as we delivered another quarter of strong results. We are executing on our focused strategy to capture the unprecedented multiyear growth opportunity in senior housing,” said Debra A. Cafaro, Ventas Chairman and CEO. The company's stock gained around 8% over the past month and has a 52-week high of $57.16.
- RSI Value: 78.10
- VTR Price Action: Shares of Ventas gained 0.3% to trade at $56.54 on Monday.
American Tower Corp (NYSE:AMT)
- On July 30, American Tower reported better-than-expected second-quarter financial results. Steven Vondran, American Tower’s Chief Executive Officer, stated, “The momentum from the start of the year extended into Q2, with core results highlighting the strong underlying demand for our portfolio of communications assets. Positive collection trends further accelerated in India, our U.S. & Canada segment delivered over 5% Organic Tenant Billings Growth and CoreSite achieved its second highest quarter of signed new business on record, all supporting over 13% Attributable AFFO per Share growth in the quarter, and our ability to raise the midpoints of the key financial measures in our updated 2024 outlook.” The company's stock gained around 18% over the past month and has a 52-week high of $236.13.
- RSI Value: 73.03
- AMT Price Action: Shares of American Tower fell 2% to trade at $230.00 on Monday.
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