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Industrial Stocks at Risk of Decline in Q4

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The industrials sector currently has several overbought stocks that may be primed for a downward trend.

The Relative Strength Index (RSI) is a useful tool for assessing a stock’s momentum. An RSI above 70 indicates that a stock may be overbought.

Here are four major overbought stocks in the industrials sector:

SP Plus Corporation (NASDAQ: SP)

  • SP Plus is set to be acquired by Metropolis Technologies, Inc. for $54.00 per share in cash. This company is known for its operational excellence and high customer satisfaction levels, making it a valuable partner for real estate owners in North America.
  • RSI Value: 73.05
  • SP Price Action: Shares of SP Plus fell 0.5% to close at $49.77 on Thursday.

Textainer Group Holdings Limited (NYSE: TGH)

  • Textainer Group is set to be acquired by Stonepeak, an alternative investment firm specializing in infrastructure and real assets. B. Riley Securities recently downgraded Textainer Group from Buy to Neutral, lowering the price target in the process.
  • RSI Value: 77.71
  • TGH Price Action: Shares of Textainer Group fell 0.1% to close at $49.09 on Thursday.

Navios Maritime Holdings Inc. (NYSE: NM)

  • N Logistics Holdings plans to acquire all outstanding shares of common stock of Navios Maritime Holdings. The acquisition price is set at $2.28 per share.
  • RSI Value: 72.92
  • NM Price Action: Shares of Navios Maritime gained 0.5% to close at $2.21 on Thursday.

CoreCivic, Inc. (NYSE: CXW)

  • Northland Capital Markets initiated coverage on CoreCivic with an Outperform rating and a price target of $16. The company is set to release its 2023 third quarter financial results on Nov. 6, 2023.
  • RSI Value: 70.93
  • CXW Price Action: Shares of CoreCivic gained 2.1% to close at $12.81 on Thursday.

Investing in overbought stocks can be risky. It’s important to carefully analyze these companies and consider market trends before making any investment decisions.

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