After slumping 38% this year, shares of SolarEdge Technologies are looking to bounce back, at least according to one popular metric. The S & P 500 and the Nasdaq Composite ended the week down 0.3% and 1.9%, respectively, with both indexes declining for a second straight week as investors weighed July readings on consumer and wholesale inflations and multiple corporate earnings. The Nasdaq was dragged down by a selloff in semiconductor stocks, such as Nvidia and Micron. The Dow Jones Industrials, however, ended the week with a 0.6% gain. Following this week’s moves, CNBC Pro used FactSet data to screen for the most overbought and oversold names in the S & P 500 based on their 14-day relative strength index, or RSI. A stock that has a 14-day RSI greater than 70 is considered to be overbought and at risk of a pullback. A high RSI is often associated with investors getting too optimistic about a stock in the near term. Conversely, a reading lower than 30 typically means that a stock is oversold and may be ready to stage at least a short-term bounce. A low RSI usually indicates souring sentiment around a stock. Here are some of the most oversold names: SolarEdge is one of the most oversold companies in the S & P 500. The maker of solar panel equipment scored a 14-day RSI of only 9, with a consensus price target implying 73.5% upside. Nearly two-thirds of Wall Street analysts rate the company a buy. Last week, SolarEdge reported second-quarter earnings per share that exceeded expectations, but revenue missed analysts’ estimates, according to FactSet. NextEra Energy had the highest number of analyst buy ratings among the stocks on the oversold list, according to CNBC’s screen. The Florida-based electric utility has a 14-day RSI rating of 8, with 73.7% of analysts rating the stock a buy. Shares have lost 17.6% this year. Anticipating a reversal of this trend, analysts forecast about 31% upside for the company Cambridge, Massachusetts-based vaccine maker Moderna is also oversold, with an RSI of 7.3. It has the highest expected upside on the list, at 81.3%, and nearly 35% of analysts rate Moderna a buy. Moderna shares have slumped 43.5% so far this year, dragged down by plunging sales for its Covid vaccines, its only marketable product. The company last week hiked the full-year outlook for its vaccine, however, hoping demand will grow for its updated Covid vaccine targeting the nationwide dominant strain of the virus. Other oversold names include GE Healthcare Technologies , electric-and-gas utility Ameren Corporation and Enphase Energy . Meanwhile, the following 10 stocks are the most overbought in the S & P 500: Marathon Petroleum is the most overbought stock in the broad-based index, with an RSI of 96.3. More than 68% of analysts rated Marathon a buy, with the average price target implying a 5.2% downside. Shares of the refining and marketing oil producer have jumped by 28.7% so far this year, with 12.6% of those gains accumulating so far this month. Last week, Marathon Petroleum posted a revenue and earnings beat for the second quarter. Biotech giant Amgen is another overbought name, with about a third of analysts rating the stock — which has an RSI of 82 — a buy. The average price target suggests shares have downside of 4.8%. The stock is unchanged on the year, but has gained more than 12% in August. Global Payments is also overbought. The financial technology stock has an RSI of 81 with almost two-thirds of analysts rating the company a buy. Analysts gave Global Payments’ a consensus price target that implies 12.5% upside. Shares have already surged 27.7% this year, with this week’s run fueled by an upgrade from Jefferies to buy from hold. Oilfield servicer Halliburton Company , Cessna aircraft maker Textron and construction services provider Jacobs Solutions are also among the most overbought companies in the S & P 500.
