EARN25

Top Stock Picks for 2023: MongoDB

There is multi-pronged support in place for the software stock

Managing Editor
Jan 12, 2023 at 8:00 AM
facebook X logo linkedin


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

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!