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Top Stock Picks for 2023: MongoDB – MarketBeat

MMS Founder

Posted on mongodb google news. Visit mongodb google news

Every day this week, we’re going to highlight one of Schaeffer’s top seven picks for 2023. Next up is software stock MongoDB Inc (NASDAQ:MDB). To access the entirety of the 2023 report, click here.

Cloud stock MongoDB (MDB) could have newfound support at the $150 level, an area that once served as resistance back in 2019 and 2020. There’s additional support for the shares at $144, which is six times the company’s initial public offering (IPO) level. The cloud database management company has revenue expected to grow 28% in 2023, while its price/sales ratio of 9.03 is up around 2018 levels.

Keep an eye on the $10 billion market cap area as well—while MDB is below this level now, it could step up as support in the coming months. There are room for upgrades, especially considering MDB’s type of technology and “pure-play” status as a stock tends to rise on upbeat economic news or Fed pivots.

There’s also short squeeze potential, with a healthy 6.8% of the stock’s total available float sold short. Options look like a good way to go, too, per the security’s Schaeffer’s Volatility Scorecard (SVS), which sits up at 96 out of 100. This this means MongoDB stock has exceeded option traders’ volatility expectations during the past year.

Top 2023 Picks MDB

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Article originally posted on mongodb google news. Visit mongodb google news

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