5 Cheap AI Stocks to Buy in 2024

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1. Rekor Systems, Inc. (NASDAQ:REKR)

Average Analyst Price Target Upside: 95.65%

Average Analyst Price Target: $4.50

Number of Hedge Fund Holders: 12

Rekor Systems, Inc. (NASDAQ:REKR), through the use of AI-driven decisions, is engaged in the development of real-time roadway intelligence solutions.

On January 22, Rekor Systems, Inc. (NASDAQ:REKR) reported that its Traffic Services division secured a five-year traffic counting contract valued at $1 million from the Gwinnett County Georgia, Department of Transportation.

On January 30, it was announced that Rekor Systems, Inc. (NASDAQ:REKR)’s Urban Mobility division’s Rekor Discover platform was picked by the New Mexico Department of Transportation to carry out Federal Highway Administration 13 bin vehicle class, count, and speed data reporting. The company is set to receive monthly payments from the department as each new system becomes online.

Over the past three months, 2 Wall Street analysts covered Rekor Systems, Inc. (NASDAQ:REKR), and both kept a Buy rating on the stock. As of the February 23 market close, the average price target of $4.50 represented an upside of 95.65%.

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