We recently published a list of 15 Trending AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where MongoDB, Inc. (NASDAQ:MDB) stands against other trending AI stocks on latest news and ratings.
When BlackRock, the investment titan with more than $10 trillion in assets under management, invests in something, the finance world pays close attention. This is why Pyramid Analytics, an AI business analytics firm, has been in the news. According to a report by news agency Reuters, the startup recently raised more than $50 million in funding from the investment management firm. Pyramid Analytics operates an AI-powered platform that uses a combination of machine learning and AI to simplify processes and data analysis for clients. Some of the prominent clients of the startup include the US Food and Drug Administration, as well as Hallmark, Deloitte and Volkswagen.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Meanwhile, AI markets in Europe were brimming with enthusiasm over the blockbuster debut of LightOn, a GenAI startup based in France, on the Euronext Growth market in Paris. The shares of the firm jumped close to 10% during the initial public offering. The startup builds large language models for businesses and institutions. It was valued at around $65 million in the IPO. AI startups have been fetching soaring valuations on market debuts. They have also been raising hundreds of millions in funding through financing rounds led by venture capital firms as the AI boom sweeps markets around the globe.
READ ALSO: Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A software engineer hosting a remote video training session on a multi-cloud database-as-a-service solution.
MongoDB, Inc. (NASDAQ:MDB)
Number of Hedge Fund Holders: 49
MongoDB, Inc. (NASDAQ:MDB) provides a general purpose database platform worldwide. The firm securely amalgamates operational, unstructured, and AI-related data to streamline building AI-enriched applications. On November 26, Piper Sandler raised the price target on the stock to $425 from $335 and kept an Overweight rating on the shares. The advisory notes negative investor sentiment on MongoDB appears to be reversing with shares up 38% in the last 3-months aided by favorable commentary from other data consumption related stocks. While short covering likely explains the 20% surge in the last week alone, Piper highlights that MongoDB remains one of its highest conviction tactical ideas to own into next year ahead of a normalization in growth and improving margin prospects.
Overall, MDB ranks 11th on our list of trending AI stocks on latest news and ratings. While we acknowledge the potential of MDB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MDB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.