As of Sept. 30, 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.
KE Holdings Inc – ADR (NYSE:BEKE)
- On Aug. 12, KE Holdings reported better-than-expected second-quarter financial results and increased its repurchase authorization. The company's stock gained around 37% over the past five days and has a 52-week high of $20.48.
- RSI Value: 81.63
- BEKE Price Action: Shares of KE Holdings gained 1.6% to close at $20.00 on Friday.
Uniti Group Inc (NASDAQ:UNIT)
- On Sept. 27, Uniti Group announced $800 million windstream notes as part of post-merger debt restructuring. The company's stock gained around 34% over the past month and has a 52-week high of $6.71.
- RSI Value: 78.03
- UNIT Price Action: Shares of Uniti Group rose 7.6% to close at $5.84 on Friday.
Macerich Co (NYSE:MAC)
- On Sept. 19, Goldman Sachs analyst Caitlin Burrows maintained Macerich with a Sell and raised the price target from $13 to $14.6. The company's stock gained around 18% over the past month and has a 52-week high of $18.04.
- RSI Value: 77.29
- MAC Price Action: Shares of Macerich gained 3.3% to close at $17.95 on Friday.
American Healthcare REIT Inc (NYSE:AHR)
- On Sept. 24, American Healthcare REIT acquired remaining 24% membership interest in Trilogy REIT Holdings for purchase price of $258 million. The company's stock jumped around 24% over the past month and has a 52-week high is $26.77.
- RSI Value: 80.83
- AHR Price Action: Shares of American Healthcare fell 0.2% to close at $26.12 on Friday.
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