ESTC - 1 Unstoppable Artificial Intelligence (AI) Stock Down 40% to Buy Hand Over Fist According to Wall Street
2024-06-11 05:39:00 ET
Artificial intelligence (AI) stocks like Nvidia and Microsoft have been the go-to choices for investors looking to profit from this fast-growing technology. But the AI industry is rapidly expanding, and opportunities are emerging beyond the most popular names.
Elastic N.V. (NYSE: ESTC) developed a portfolio of AI software tools that empower businesses with valuable use cases for their data, whether it's helping employees access internal information instantly or creating new shopping experiences for customers. Those tools are attracting a growing number of high-spending enterprises, which is driving momentum in Elastic's revenue and stock price.
The company's stock is trading 40% below its all-time high that was set during the tech frenzy in 2021, but it's on the path to recovery. The Wall Street Journal tracks 25 analysts covering the stock, and the majority have given it the highest-possible buy rating. Here's why investors might want to follow the Street's lead.
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1 Unstoppable Artificial Intelligence (AI) Stock Down 40% to Buy Hand Over Fist, According to Wall Street