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    Home»Business»These are the most overbought stocks with the market at a record, including General Electric
    Business

    These are the most overbought stocks with the market at a record, including General Electric

    By AdminMarch 1, 2024
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    These are the most overbought stocks with the market at a record, including General Electric


    The stock market has been on a tear recently, but some stocks may have gotten ahead of themselves. The S & P 500 hit a fresh intraday record on Friday, building on what was a stellar February for Wall Street. Last month, the benchmark rallied 5.2% — its fourth straight monthly gain. The Nasdaq Composite on Thursday posted its first all-time closing high since late 2021, capping off a monthly gain of 6.1%. But some stocks on Wall Street may be getting ahead of themselves, while others that have been under pressure could reverse course. Using our stock screener tool, CNBC Pro searched for the most overbought and oversold stocks on Wall Street, measured by their 14-day relative strength index (RSI). Stocks with a 14-day RSI above 70 are thought to be overbought, indicating that shares could soon experience a downturn. A reading below 30, however, could signal a stock is oversold and could be on track for a rebound. General Electric made the cut with an RSI of 88.3. GE hit a fresh 52-week high on Friday, building on a strong February that saw shares climb nearly 18%. Year to date, it’s up surged more than 24%. It has also climbed more than 3% week to date. The stock has surged recently as investors anticipate the planned spinoff of its power and energy business, GE Vernova, on April 2. General Electric will operate as GE Aerospace after the spinoff is complete. Shares of renewable energy firm Constellation Energy are also among the most overbought stocks on Wall Street, with a 14-day RSI of 85.6. This week, the stock has rallied more than 25% after the company increased its dividend and share repurchase program. Constellation also issued strong full-year earnings guidance. Constellation has climbed nearly 42% from the start of the year, and hit a 52-week high of $171.31 on Thursday. CEG YTD mountain Constellation Energy. Other overbought names include Wells Fargo and Axon Enterprise . There are also some names that have fallen too far, too fast. Here’s a look at the most oversold names on Wall Street. Among oversold names on Wall Street, medical device company Insulet is near the top of the list. Shares have slipped more than 22% from the start of the year, including an 8% drop this week. The stock has a 14-day RSI reading of 25.1. PODD YTD mountain Insulet stock. Shares have suffered in part due to a lower-than-expected revenue growth outlook for the first quarter. Insulet said last week it expects revenue to increase 17% to 20% year over year in the first quarter, while analysts polled by FactSet forecast 24.3%. Still, sentiment around the stock is positive. The consensus rating on Insulet is a buy, and the average analyst price target implies upside of 40%, according to LSEG. Health insurance company Humana has also been under pressure, with a 14-day RSI of 27.4. Shares have pulled back more than 23% from the start of the year and roughly 3% this week. HUM YTD mountain Humana stock. Climbing medical costs weighed on Humana’s full-year earnings outlook . The company said in January it expects earnings of $16 per share in 2024, well below the $29.10 estimate from analysts polled by LSEG. Analysts are still optimistic on the stock, however. The consensur rating on the stock is a buy, and the average price target implies upside of more than 15%, per LSEG. Other oversold names on the list are Amgen and Teleflex .



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