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Hot Money Monday: Prospa comes in from the cold with six-day rally
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Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).
The RSI is a technical gauge which measures how trading momentum is affecting the price action.
A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.
Click here for a more detailed rundown of what the RSI does and how it’s used.
While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the look out for opportunities where the price action has separated from fundamentals.
Running Hot
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, July 2:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| OLH | Oldfields Holdings | 0.076 | 98 | $ 12,745,696 |
| RHP | Rhipe Ltd | 2.5 | 89 | $ 404,299,194 |
| PGL | Prospa Group | 1.11 | 81 | $ 167,776,609 |
| PSC | Prospect Res Ltd | 0.235 | 79 | $ 84,010,656 |
| ITG | Intega Group Limited | 0.64 | 79 | $ 250,990,578 |
| IOD | Iodm Limited | 0.25 | 78 | $ 154,213,620 |
| BOT | Botanix Pharma Ltd | 0.096 | 76 | $ 89,529,071 |
| POS | Poseidon Nick Ltd | 0.105 | 76 | $ 294,988,559 |
| RKN | Reckon Limited | 0.985 | 76 | $ 113,861,306 |
| 88E | 88 Energy Ltd | 0.0365 | 75 | $ 413,855,583 |
| ATH | Alterity Therap Ltd | 0.0375 | 75 | $ 62,520,500 |
| XF1 | Xref Limited | 0.36 | 75 | $ 60,162,052 |
| LSA | Lachlan Star Ltd | 0.054 | 74 | $ 69,933,199 |
| BRL | Bathurst Res Ltd. | 0.455 | 74 | $ 76,928,230 |
| MME | Moneyme Limited | 2.3 | 74 | $ 399,455,202 |
| CPT | Cipherpoint Limited | 0.037 | 73 | $ 7,525,651 |
| BCT | Bluechiip Limited | 0.048 | 73 | $ 28,698,264 |
| LCT | Living Cell Tech. | 0.016 | 73 | $ 7,428,733 |
| SUD | Suda Pharmaceuticals | 0.068 | 72 | $ 33,657,399 |
| SYA | Sayona Mining Ltd | 0.084 | 72 | $ 422,603,021 |
| TTA | TTA Holdings Ltd | 0.044 | 72 | $ 6,046,630 |
| PGM | Platina Resources | 0.098 | 72 | $ 41,700,705 |
| AXE | Archer Materials | 1.01 | 71 | $ 235,469,275 |
| AQD | Ausquest Limited | 0.025 | 70 | $ 18,933,366 |
| RAG | Ragnar Metals Ltd | 0.076 | 70 | $ 24,313,312 |
A notable name on this week’s Hot Money list was small business lending platform Prospa (ASX: PGL), which posted at 14-day RSI of 81 following a six-day winning streak.
The gains saw Prospa shares close at $1.12 on no recent news, after trading in a range below $1 since last November.
However the stock has plenty of work today to make up ground from its 2019 IPO, when it raised $110m from investors at $3.78 per share.
Running Cold
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, July 2:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| IPB | IPB Petroleum Ltd | 0.022 | 30 | $ 6,310,807.10 |
| RF1 | Regal Investment Fund | 4.4 | 30 | $ 491,602,952.55 |
| ATR | Astron Corp Ltd | 0.51 | 30 | $ 67,362,392.90 |
| HNG | HGL Limited | 0.21 | 29 | $ 37,570,635.69 |
| AKN | Auking Mining Ltd | 0.18 | 28 | $ 9,071,294.35 |
| MPH | Mediland Pharm | 0.052 | 28 | $ 16,263,707.72 |
| SFG | Seafarms Group Ltd | 0.061 | 26 | $ 155,049,055.36 |
| RNX | Renegade Exploration | 0.005 | 26 | $ 5,277,759.83 |
| GMA | Genworth Mortgage Insurance | 2.125 | 24 | $ 878,655,211.92 |
| CYC | Cyclopharm Limited | 1.7375 | 23 | $ 154,068,457.95 |
| SMI | Santana Minerals Ltd | 0.082 | 22 | $ 9,350,676.15 |
| ORM | Orion Metals Ltd | 0.017 | 13 | $ 9,266,656.53 |
| AMT | Allegra Orthopaedics | 0.195 | 10 | $ 20,891,840.60 |
