10 Oversold Midcap Stocks to Buy Right Now

2. Concentrix Corporation (NASDAQ:CNXC)

Forward P/E: 3.23

Analysts Upside Potential as of November 14: 94.34%

Year to date performance as of November 14: -58.38%

Concentrix Corporation (NASDAQ:CNXC) is a technology company that provides customer experience solutions for technology, retail, banking, communications and healthcare industries. The stock has shed more than 50% in market value on growing concerns that the company’s core business is threatened amid the artificial intelligence revolution.

Concentrix Corporation (NASDAQ:CNXC) has also been investing in artificial intelligence, focusing on technology and generative AI to enhance its position in the industry. With the recent patent for its AI platform, GILES, which automates coding and testing processes, Concentrix has demonstrated its commitment to innovation. The company’s AI advancements in knowledge management, customer support, and automation are anticipated to boost efficiency.

Solid financial results, strategic positioning in the customer solutions industry and investments in AI affirm why Concentrix Corporation (NASDAQ:CNXC) is one of the best oversold stocks to buy right now. The stock trades at a price-to-earnings multiple of 3.23 compared to an average P/E of 32 for tech stocks. Analysts on Wall Street rate it as a buy with an average price target of $79, implying 94.34% upside potential as of November 14, 2024.