10 AI News Taking Wall Street By Storm

3. MongoDB, Inc. (NASDAQ:MDB)

Number of Hedge Fund Holders: 49

MongoDB, Inc. (NASDAQ:MDB) provides a general-purpose database platform worldwide that integrates operational, unstructured, and AI-related data to streamline building applications. On December 16, Rosenblatt initiated coverage of MongoDB with a “Buy” rating and a $350 price target. According to the analyst, MongoDB has positioned itself strategically amid the upcoming AI application boom. It stands to benefit from multiple trends, such as the overall growth of the database market and a shift from traditional relational databases to modern alternatives. The firm further added that the stock decline, which was largely due to a misunderstanding, is a good buying opportunity. The company’s shares were down after it posted its third-quarter fiscal earnings report, largely due to unimpressive results for its cloud database service called Atlas. It was anticipated that the key business segment should get a big boost from AI. Longtime chief financial officer Michael Gordon’s departure from the office may also have spooked investors.