Oppenheimer highlighted a group of what it considers to be vulnerable high beta loser stocks that it thinks are primed for investors to sell according to specific technical levels.
“While defensive low-volatility sectors exhibit the poorest long-term trends, a subtle non-confirmation in the high-beta vs. low-volatility ratio warrants monitoring,” Oppenheimer stated in an investor note towards its clients.
“High-beta winners (high-momentum) vs. high-beta losers (low-momentum) ratio is coming off a new cycle high, indicating that high-beta losers are the reason for the high-beta vs. low-volatility divergence,” Oppenheimer added.
On closer look, high-beta losers are listed as Sells by Oppenheimer and the institution showcased eight names that it believes fit the mold.
Listed below are eight stocks that the financial firm lists as high-beta losers and believes are clear Sells.
No. 1: Plug Power, Inc (NASDAQ:PLUG)
No. 2: Avis Budget Group (NASDAQ:CAR)
No. 3: Peloton Interactive (NASDAQ:PTON)
No. 4: Wayfair (NYSE:W)
No. 5: Exact Sciences Corp. (EXAS)
No. 6:TG Therapeutics (TGTX)
No. 7: Chimera Investment Corp. (CIM)
No. 8: Zuora (ZUO)
Year-to-date price action: PLUG -16.1%, CAR -38.5%, PTON -29.1%, W -19.7%, EXAS -17.8%, TGTX -20.3%, CIM -12%, and ZUO -13.6%.
See the below technical charts developed by Oppenheimer which showcases the above-mentioned stocks: