As of June 17, 2024, four 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.
Essex Property Trust Inc (NYSE:ESS)
- On June 14, Scotiabank analyst Nicholas Yulico maintained Essex Property Trust with a Sector Outperform and raised the price target from $283 to $285. The company's stock gained around 4% over the past five days and has a 52-week high of $279.09.
- RSI Value: 71.28
- ESS Price Action: Shares of Essex Property Trust rose 1.2% to close at $278.50 on Friday.
InnSuites Hospitality Trust (NYSE:IHT)
- On Jan. 8, InnSuites Hospitality Trust announced a semi-annual dividend of 1 cent per share after clocking December revenue of $0.52 million. The company's stock gained around 31% over the past month and has a 52-week high of $3.62.
- RSI Value: 78.37
- IHT Price Action: Shares of InnSuites Hospitality Trust fell 2.2% to close at $1.75 on Friday.
Iron Mountain Inc (NYSE:IRM)
- On May 2, the company, under the helm of CEO William Meaney, reported first-quarter adjusted earnings per share of 43 cents. Quarterly revenue of $1.477 billion, beating the street view of $1.453 billion. Iron Mountain declared a quarterly cash dividend of 65 cents per share for the second quarter, which is payable on July 5, 2024, for shareholders of record on June 17, 2024. The company's stock gained around 7% over the past month and has a 52-week high of $89.91.
- RSI Value: 74.06
- IRM Price Action: Shares of Iron Mountain gained 0.3% to close at $88.02 on Friday.
National Storage Affiliates Trust (NYSE:NSA)
- On May 1, National Storage posted weaker-than-expected quarterly sales. The company's stock jumped around 6% over the past five days and has a 52-week high of $42.54.
- RSI Value: 73.81
- NSA Price Action: Shares of National Storage Affiliates Trust gained 0.4% to close at $40.85 on Friday.