Quest Capital HK - 5 Stocks with Lead Roles in AI Are Close to Buy Points

Along with the dominant fast-casual food chain Chipotle Mexican Grill (CMG), this week's list also includes artificial intelligence players Marvell Technology (MRVL) and MongoDB (MDB).
 
QUARRY BAY, Hong Kong - July 10, 2023 - PRLog -- Marvell Technology

After Marvell directed its AI chip business to rise to $800 million, or 15% of sales, next year from $200 million, or 3% of sales last year, the MRVL stock emerged from a consolidation. The business expects its AI revenues to double both this year and the next year.

The 21-day exponential moving average of MRVL, which found support after the stock gapped higher on results, has generally maintained that gap. When breaking a downtrend but still close to the 21-day line, a rise above Thursday's high of 60.43 would provide an early entry.

Marvell needs an additional week to establish a solid basis.

Shares now have an easy-to-read Composite Rating of 87, which incorporates a number of technical indicators. The relative strength line for Marvell is below its May 26 highs and has a 93 RS Rating. The firm posted rapid profits decreases the last two quarters while exceeding expectations, earning it a 57 EPS Rating.

MongoDB

The New York City MongoDB offers a free database platform for companies, and its business strategy is built on a subscription-based software as a service. After the firm announced a 180% increase in quarterly earnings to 56 cents per share compared to the same quarter last year, MongoDB saw a 28% increase on June 2. To $368.3 million, revenue climbed by 29%.

Analysts predict a 92% increase in profits to $1.56 per share for the fiscal year 2024 and a 34% increase in the following fiscal year 2025.

Tigress Financial maintained a Buy rating on MDB stock while increasing its price objective from $365 to $490. The company added that MongoDB's customer adoption, revenue growth, and corporate adoption should all benefit significantly from the expanding integration of AI tools and capabilities.

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