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In this article, we look at 11 oversold Nasdaq stocks to buy right now. To skip the detailed analysis of current stock market news, go directly to 5 Oversold Nasdaq Stocks to Buy Now.
Nasdaq leads the market
On March 12, the Nasdaq Composite Index rose 1.5%, led by tech stocks that have long pushed the tech-heavy index higher than ever before. Although the Nasdaq focuses on the tech sector, it is also known to have exposure to other sectors such as the consumer discretionary sector, healthcare sector, and financial sector, all of which contribute to the index’s success. Masu. Thanks to these market leaders, the NASDAQ has steadily become an attractive market for budding and seasoned investors alike.
Today, many investors are thinking about current market trends in terms of what the future holds for the coming months and what that means for investors. On March 12, Gabriela Santos, chief market strategist at JPMorgan, appeared on CNBC’s “Closing Bell” to share her current outlook and thoughts on the market. Here’s what she had to say:
“First of all, on the fundamentals, we sound positive. On the economy, we see growth normalizing this year at 2%, but our base case is zero recession. Inflation will also reach 2% by the end of the year. “So you’re still OK.” “There’s a fairly resilient nominal growth backdrop for companies, and revenue growth is resilient. At the same time, fourth-quarter earnings… I think the big takeaway from this is that the profit margin contraction from last year has bottomed out.”
The highlights above indicate that the stock’s positive trend will continue into 2024, which should be reassuring for investors looking to enter the market. Given the Nasdaq’s gains so far, this index may be a good starting point for those looking to buy. This means that the index is currently hurting some of the most influential and profitable companies on the market, particularly his NVIDIA Corporation (NASDAQ: NVDA), Apple Inc. (NASDAQ: AAPL), and Amazon.com. This is especially true when you consider the facts. , Inc. (NASDAQ:AMZN).
Diversification in fields other than technology by 2024
One thing investors should note right now is that big tech companies aren’t the only area to watch when it comes to the Nasdaq Composite Index. On CNBC’s “Closing Bell,” Santos highlighted the fact that several other companies, both inside and outside the technology industry, are also starting to turn a profit. She said:
“This is actually a healthy sign. For example, the Magnificent Seven, the mega-cap tech companies that accounted for most of last year’s profits, all rose, although there were variations within the group. . This year we are seeing a significant increase. There is considerable dispersion within the group. Some companies are up double digits, some are performing in line with the market, and some are down double digits. This is very healthy if you think of actual companies as individuals. You can also see other parts of the company. “The technology sector is participating, other sectors are participating as well. Things like healthcare, which we talked about a lot last year as being one of our favorite sectors, are contributing as well. So just AI. “I think it’s a very healthy assessment that other sectors are on board as well,” and it’s not just about the initial beneficiary of that theme, but also about resilient returns. ”
Given the above, we believe that while technology is definitely an area to watch this year, investors should not just put all their eggs in the technology basket. That’s why we’ve put together a list of NASDAQ-listed oversold stocks that you should buy right now. Our list compromises both oversold stocks in the tech sector and other sectors such as healthcare to provide a more comprehensive selection for investors who want to buy now. So from cheap healthcare stocks to buy to oversold tech stocks, you’ll find quite a few choices below.
A trader at a financial institution who uses fundamental analysis to select stocks for a portfolio.
our methodology
We used the Relative Strength Index (RSI) indicator to select oversold stocks listed on the Nasdaq Composite Index. The RSI indicator is a momentum indicator used in the technical analysis of stocks by measuring the speed and magnitude of a security’s recent price changes to assess whether the security’s price is overvalued or undervalued. is. Traditionally, stocks with an RSI value above 70 are considered overbought and stocks with an RSI value below 30 are considered oversold. We used a stock screener to find oversold stocks listed on the NASDAQ with an RSI value below 30 and ranked them based on this metric from highest to lowest RSI value. We also noted the number of hedge funds that own shares of each stock using Insider Monkey’s fourth quarter hedge fund data. The top 10 consensus stocks selected by hedge funds have outperformed the S&P 500 index by more than 140 percentage points over the past 10 years (Please see here for the detail). That’s why we pay close attention to this often ignored metric.
Oversold Nasdaq Stocks to Buy Now
11. AXSM Therapeutics, Inc. (NASDAQ:AXSM)
Number of hedge fund holders: 31 people
14-day RSI as of March 13: 29.58
New York-based Axsome Therapeutics, Inc. (NASDAQ:AXSM) is a pharmaceutical company. We are developing new treatments for central nervous system diseases in the United States.
Analysts at HC Wainwright & Company reiterated their Buy rating and $180 price target on Axum Therapeutics, Inc. (NASDAQ:AXSM) on March 4th.
31 hedge funds were long Axsum Therapeutics (NASDAQ:AXSM) during the 4th quarter, with a total value of $968.4 million.
Biotechnology Value Fund / BVF Inc was the largest shareholder in Axsome Therapeutics, Inc. (NASDAQ:AXSM) at the end of the fourth quarter with an ownership of 1.9 million shares of the company’s stock.
Axsome Therapeutics, Inc. (NASDAQ:AXSM) is on the list of oversold stocks, but it’s also a good NASDAQ stock, along with NVIDIA Corporation (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), and Amazon. There is a possibility that .com, Inc. (NASDAQ:AMZN).
10. Pacific Biosciences of California (NASDAQ:PACB)
Number of hedge fund holders: 28 people
14-day RSI as of March 13: 29.54
On February 16th, UBS analysts rated Pacific Biosciences of California (NASDAQ:PACB) a Buy and kept the price target unchanged at $12.
Pacific Biosciences of California (NASDAQ:PACB) is a life science tools and services company based in Menlo Park, California. The company designs, develops and manufactures sequencing solutions to solve complex genetic problems.
A total of 28 hedge funds were long Pacific Biosciences of California (NASDAQ:PACB) during the 4th quarter, with a total value of $646 million.
Ark Investment Management was the largest shareholder in Pacific Biosciences of California (NASDAQ:PACB) at the end of the fourth quarter, holding 34.5 million shares of the company’s stock.
9. Aurora Innovation Co., Ltd. (NASDAQ:AUR)
Number of hedge fund holders: 16 people
14-day RSI as of March 13: 28.99
Aurora Innovation, Inc. (NASDAQ:AUR) was among the 13F holdings of 16 hedge funds at the end of the fourth quarter, with total value of $160.7 million.
Aurora Innovation Inc. (NASDAQ:AUR) is an application software company based in Pittsburgh, Pennsylvania. The company is developing the Aurora Driver platform, which combines a suite of self-driving hardware, software, and data services to adapt and interoperate vehicles.
8. Seres Therapeutics, Inc. (NASDAQ:MCRB)
Number of hedge fund holders: 20 people
14-day RSI as of March 13: 28.92
Seres Therapeutics, Inc. (NASDAQ:MCRB), a biotechnology company based in Cambridge, Massachusetts, is included on our list of oversold stocks to buy now. The company develops a new class of biological medicines designed to treat by modulating the microbiome and restoring health by restoring disrupted microbiome function to a non-disease state. doing.
20 hedge funds were long on Seres Therapeutics, Inc. (NASDAQ:MCRB) during the 4th quarter, with a total value of $22.3 million.
Oppenheimer analysts reiterated their Outperform rating and $5 price target on Ceres Therapeutics, Inc. (NASDAQ:MCRB) on March 6th.
7. Digital Turbine Co., Ltd. (NASDAQ:app)
Number of hedge fund holders: 19 people
14-day RSI as of March 13: 28.14
DE show was the largest shareholder in Digital Turbine, Inc. (NASDAQ:APPS) at the end of the fourth quarter with 1.9 million shares of the company’s stock.
Austin, Texas-based Digital Turbine, Inc. (NASDAQ:APPS) is another application software company on our list of oversold stocks to buy now. The company operates a mobile growth platform for advertisers, publishers, carriers and original equipment manufacturers of devices.
Digital Turbine, Inc. (NASDAQ:APPS) was in 19 hedge funds’ portfolios during the 4th quarter with total value of shares of $56.4 million.
Roth MKM analysts maintained a Neutral rating and $4.5 price target on Digital Turbine, Inc. (NASDAQ:APPS) on February 8th.
Greenhaven Road Capital Digital Turbine, Inc. (NASDAQ:APPS) mentioned as an investor in Q2 2023 letter:
“It’s no exaggeration to say that the past year-plus has been frustrating.” Digital Turbine Co., Ltd. (NASDAQ:APPS) stockholders (the Company). The position was reduced by falling prices and stock sales amid heightened uncertainty about both the potential and timing of new initiatives.
I often reflect on what went wrong. How did they change from growth stocks to value stocks?In my opinion, there are two reasons. First, the company’s product, which delivers content (rather than apps) on mobile phones, lost T-Mobile as a customer. In some cases, you may one day come close to the negative outcome of losing a customer. The second and bigger problem was with the SingleTap product. SingleTap is a technology that “allows a smartphone user to instantly install apps on his Android device with just one tap, bypassing the noise of the app store environment and dramatically increasing conversions.” A high conversion rate means a low cost per app install or app launch…” (Click here to read the full article)
6. Caribou Biosciences, Inc. (NASDAQ:CRBU)
Number of hedge fund holders: 23 people
14-day RSI as of March 13: 28.13
At the end of the fourth quarter, 23 hedge funds were long Caribou Biosciences, Inc. (NASDAQ:CRBU) with total value of $146.9 million.
On March 12, RBC Capital analysts rated Caribou Biosciences, Inc. (NASDAQ:CRBU) an Outperform investment and maintained their price target at $19.
Berkeley, California-based Caribou Biosciences, Inc. (NASDAQ:CRBU) is another biotechnology company on the oversold list. We are working to develop genome-edited allogeneic cell therapies to treat hematologic malignancies in the United States and internationally.
Caribou Biosciences Inc. (NASDAQ:CRBU) is a very popular oversold stock among hedge funds today, along with NVIDIA Corporation (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), and Amazon.com. The name is on the list. , Inc. (NASDAQ:AMZN).
Click to keep reading to see 5 oversold Nasdaq stocks to buy now.
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Disclosure: none. 11 oversold Nasdaq stocks to buy right now Originally published on Insider Monkey.
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