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 twitter 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

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners