These beaten-down tech stocks could be ready to snap back

Published Tue, Mar 9 20219:23 AM EST

With the Nasdaq Composite falling into correction territory on Monday, traders were scouring the tech stock ranks to find oversold shares that may be due for a bounce back. CNBC Pro screened for tech stocks that have fallen too far, too fast based on a common simple technical analysis technique. We then screened among those shares for stocks that are forecast to bounce back according to analysts fundamental price targets. Tech stocks soared in 2020 as the Federal Reserve cut interest rates and investors bet on growth. However, interest rates have spiked in recent months and investors have rotated to value stocks, leaving tech stocks to appear oversold by some measures. With Nasdaq 100 futures pointing to a bounce back day for tech stocks on Tuesday, the group could be getting a big bounce. Here are some names to watch: The list below from shows S & P 500 tech stocks that are trading more than 10% below their 50-day simple moving average and 20% below their average analyst 12-month price target of analysts. The data is from FinViz.com. The company on the list that is the furthest below its price target is solar stock Enphase Energy . Stocks related to green energy, including electric vehicle stocks like Tesla, have been hit particularly hard during the recent slide for tech stocks. Enphase, which is down nearly 25% year to date, is trading more than 62% below its average analyst price target. Additionally, 62% of analysts have buy or overweight ratings on the stock, according to FactSet. Several of the biggest semiconductor stocks also appear on the list. Shares of Qualcomm and Advanced Micro Devices are trading more than 17% below their 50-day moving average, while those of Nvidia are more than 14% below its average. The most impactful stock on the list, when it comes to the major indexes, is consumer products stalwart Apple . The megacap stock has lost 12.3% year to date, bringing shares to 11.5% below their 50-day moving average and 30.4% below the average price target. Other notable names on the list include software stocks Adobe , ServiceNow and Autodesk.

A Qualcomm sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. REUTERS/Aly Song

Aly Song | Reuters

With the Nasdaq Composite falling into correction territory on Monday, traders were scouring the tech stock ranks to find oversold shares that may be due for a bounce back.

CNBC Pro screened for tech stocks that have fallen too far, too fast based on a common simple technical analysis technique. We then screened among those shares for stocks that are forecast to bounce back according to analysts fundamental price targets.

Tech stocks soared in 2020 as the Federal Reserve cut interest rates and investors bet on growth. However, interest rates have spiked in recent months and investors have rotated to value stocks, leaving tech stocks to appear oversold by some measures.

With Nasdaq 100 futures pointing to a bounce back day for tech stocks on Tuesday, the group could be getting a big bounce. Here are some names to watch: