In this piece, we will take a look at five oversold midcap stocks to buy. If you want to take a look at the current macroeconomic environment and want a primer on midcap and technical investing, then head on over to 10 Oversold MidCap Stocks To Buy.
5. Clearway Energy, Inc. (NYSE:CWEN-A)
Latest 14 Day RSI Score: 20.38
Clearway Energy, Inc. (NYSE:CWEN-A) is another utility company that uses natural gas and renewable energy sources to generate nearly ten thousand megawatts of electricity. The firm had some disappointing news for investors in mid July as it announced that wind energy production during Q2 2023 was significantly below median estimates which was a new quarterly low record in its five year history. This can impact the firm’s upcoming earnings which are due in the second week of August.
By the end of March 2023, 25 of the 943 hedge funds part of Insider Monkey’s database had bought and owned Clearway Energy, Inc. (NYSE:CWEN)’s shares. Jim Simons’ Renaissance Technologies is the company’s largest hedge fund investor since it owns one million shares that are worth $30 million.
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Follow Clearway Energy Inc. (NYSE:CWEN)
4. Euronet Worldwide, Inc. (NASDAQ:EEFT)
Latest 14 Day RSI Score: 18.80
Euronet Worldwide, Inc. (NASDAQ:EEFT) is a software company that provides services such as ATM withdrawal to corporate and individual clients. It beat analyst EPS estimates during its second quarter, and Needham and Truist reiterated a Buy rating for the shares in late July 2023.
During Q1 2023, 28 of the 943 hedge fund portfolios studied by Insider Monkey had held a stake in the firm. Euronet Worldwide, Inc. (NASDAQ:EEFT)’s biggest shareholder in our database is Robert Karr’s Joho Capital with an investment of $46.2 million.
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3. Penumbra, Inc. (NYSE:PEN)
Latest 14 Day RSI Score: 17.86
Penumbra, Inc. (NYSE:PEN) is a medical device manufacturer that sells products for complex procedures and diseases such as aneurysms and thrombectomy procedures. The firm reported strong earnings for 2023’s second quarter, as it beat EPS estimates and increased its 2023 sales guidance by $10 million to mark a minimum 25% annual growth.
Insider Monkey dug through 943 hedge funds for this year’s first quarter and discovered that 19 had invested in Penumbra, Inc. (NYSE:PEN). Kris Jenner, Gordon Bussard, and Graham Mcphail’s Rock Springs Capital Management is the largest investor since it owns a stake worth $120 million.
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Follow Penumbra Inc (NYSE:PEN)
2. Driven Brands Holdings Inc. (NASDAQ:DRVN)
Latest 14 Day RSI Score: 16.36
Driven Brands Holdings Inc. (NASDAQ:DRVN) is an automotive repair services and car parts provider headquartered in Charlotte, North Carolina. Its stock tumbled at August start after the second quarter earnings report as the firm significantly reduced operating income and EPS guidance for the full fiscal year 2023.
During this year’s first quarter, 18 of the 943 hedge funds part of Insider Monkey’s database had held the firm’s shares. Driven Brands Holdings Inc. (NASDAQ:DRVN)’s largest shareholder in our database is Israel Englander’s Millennium Management with an investment worth $80 million.
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Follow Driven Brands Holdings Inc.
1. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)
Latest 14 Day RSI Score: 11.77
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is a biotechnology company that develops treatments for immune system and inflammation diseases. The firm’s shares sank by quite a bit in July after its treatment for an eye disease led to inflammation in patients’ eyes. However, the firm did beat its Q2 EPS analyst estimates by quite a bit, but JPMorgan and BofA have both recently downgraded the shares.
42 of the 943 hedge funds surveyed by Insider Monkey for their Q1 2023 investments had invested in Apellis Pharmaceuticals, Inc. (NASDAQ:APLS). Kurt Von Emster’s VenBio Select Advisor is the biggest investor with a $732 million stake.
Follow Apellis Pharmaceuticals Inc. (NASDAQ:APLS)
Follow Apellis Pharmaceuticals Inc. (NASDAQ:APLS)
Disclosure: None. You can also take a look at 10 Best August Dividend Stocks To Buy and 15 High Growth Large Cap Stocks to Invest In.
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