Artificial intelligence is set to extend to devices that can learn and evolve automatically, create and enhance new experiences, and offer solutions that one day might even match human intelligence.
The global artificial intelligence market has been projected to grow to $554 billion in revenue by 2024, according to market research firm IDC. It is becoming increasingly difficult to ignore the opportunities for investors created by this technology since virtually every major industry is being disrupted by it.
The adoption of artificial intelligence by all types of companies is likely to be beneficial, but only a handful of stocks have made AI and automation a core part of their business strategy. While looking at this amazing investment opportunity, Stocks Telegraph has compiled the 5 best AI stocks to buy in this article after a complete research and analysis.
Palantir Technologies Inc. (PLTR)
Palantir Technologies Inc. (PLTR) stock closed last session at $10.92, increasing 4.30% or $0.45. Shares of the company fluctuated between $10.26 and $11.23 throughout the day. The number of shares exchanged was 40.69 million, greater than the company’s 50-day daily volume of 37.62 million and lower than its Year-to-date volume of 46.3 million. In the past 12 months, the company’s stock has advanced -50.59%, and in the last one week, the stock has moved up 16.17%. For the last six months, the stock has lost a total of -20.35%, and over the last three months, the stock has increased by 1.68%. The stock has returned -40.03% so far this year.
CTC LLC bought a fresh place in Palantir Technologies Inc. (NYSE: PLTR). The institutional investor bought 987.7 thousand shares of the stock in a transaction took place on 6/30/2022. In another most recent transaction, which held on 6/30/2022, RENAISSANCE CAPITAL LLC bought approximately 297.3 thousand shares of Palantir Technologies Inc. In a separate transaction which took place on 6/30/2022, the institutional investor, SARGENT INVESTMENT GROUP LLC bought 143.7 thousand shares of the company’s stock. The total Institutional investors and hedge funds own 33.90% of the company’s stock.
Palantir Technologies Inc. builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. The company provides palantir gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.
Alphabet Inc. (GOOG)
Alphabet Inc. (GOOG) stock added 0.36% to finish last trading session at $115.90. The stock recorded a trading volume of 17.77 million shares, which is below the average daily trading volume published for the last 50 days of 31.72 million shares. The shares of Alphabet Inc. have retreated 9.92% in the last five days; however, they have gained 6.25% over the last one month. The stock price has shed -1.07% over the last three months and has lost -14.77 percent so far this year. Further, the stock is being traded at a price to earnings ratio of 20.09. Additionally, it has a price to sales ratio stands at 5.66.
With this outlook, analysts have a consensus recommendation rating of 1.50 for the stock, suggesting that investors Buy the stock. MKM Partners issued a stock update for Alphabet Inc. (GOOG) on July 18, 2022 in which the firm assigned “Buy” rating. Cowen on July 13, 2022 rated the stock at “an Outperform,”. Although bullish, it is notable that the stock is well above its 200-day simple moving average by -11.36%, while it is 2.93% above and 1.98% above its SMA50 and SMA20 respectively. The volume of shares traded in the last session stands at 17.77 million against a 3-month average of 31.85M.
Micron Technology Inc. (MU)
On Tuesday, shares in Micron Technology Inc. (MU) fell -0.11% to close the day at $62.47. The volume of shares traded was 11.46 million, which is lower than the average volume over the last three months of 18.13 million. During the trading session, the stock oscillated between $60.88 and $63.30. The company had an earnings per share ratio of 8.77. MU’s stock has gained 4.71% of its value in the previous five sessions and 16.44% over the past one month but has lost -32.94% on year-to-date basis. The stock’s 50-day moving average of $62.31 is above the 200-day moving average of $75.63. Moreover, the stock is currently trading at RSI of 54.61.
Looking at the overall sentiment about this stock we find that the community has adopted a bullish outlook, a sentiment shared by analysts offering their price forecasts for the stock for the next 12 months. 36 analysts have given Micron Technology Inc. (MU) a consensus price target of $77.45, which is noticeably above its current trading value. The analysts estimate the stock will hit a 12-month high of $110.00, while a downturn for the stock is likely to see it drop to a low of $50.00. When we calculate the distance from the median price, we find that the stock will move 21.91% from its price at the previous close to touch the estimated average price. An upside towards the 12-month high will see the stock climb 43.21%, while a decline to the 12-month low will see the stock lose -24.94 of its current value.
Micron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieva.
Microsoft Corporation (MSFT)
Microsoft Corporation (MSFT) stock lost -1.15% to close Tuesday’s session at $274.82. The stock volume remained 22.47 million shares, which was lower than the average daily volume of 28.41 million shares within the past 50 days. MSFT shares have fallen by -3.51% over the last 12 months, and they have moved up by 9.10% in the past week. Over the past three months, the stock has lost -3.39%, while over the past six months, it has shed -11.63%. Further, the company has a current market of $1963.58 billion and its outstanding shares stood at 7.47 billion.
The Net Income for the most recent full fiscal year, which ended in 2021, was $168.09 billion. This is compared to the prior year, where Net Income was $143.01 billion. Meanwhile, this company’s Operating Cash Flow was $89.03 billion for the year, compared to $76.74 billion in 06-2021. Capital Expenditures for the year were reportedly -$23.89 billion, compared to -$20.62 billion, and Free Cash flow was $65.15 billion compared to the prior year’s $56.12 billion.
Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. The company operates in three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.
DocuSign Inc. (DOCU)
The stock of DocuSign Inc. (DOCU) gained 2.29% to complete the last trading session at $67.01. The price range of the company’s shares was between $63.98 and $67.48. It traded 2.28 million shares, which was below its daily average of 5.68 million shares over 100 days. DOCU’s shares have gained by 11.29% in the last five days, while they have added 9.46% in the last month. Further, it is currently trading at a price to book ratio of 38.29. Additionally, the price to cash flow ratio stood at 27.10.
According to SEC data, total insider shares purchases at the company stands at 100 over the last 12 months, while SEC filings reveal that there have been 161 insider sales over the same period. Insiders have purchases 588,92 shares while those sold by company executives and officers stand at 302,474. The last 3 months have seen insiders trade a total of 119,835 and 56,904 in purchases and sales respectively.