An uncertain market often results in more investors becoming risk-averse and preferring to invest in stocks recommended by experts. Thus, we have zeroed in on two stocks – Monday.com (NASDAQ:MNDY) and Trade Desk (NASDAQ:TTD) – that hedge fund managers have bought recently. These are not only hedge fund managers’ favorites but also favored by Wall Street analysts.
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You can easily find this information on our Hedge Fund Trading Activity tool for every stock. The tool accumulates data from Form 13-Fs released by about 483 hedge funds and shows which stocks hedge funds are buying and selling.
Let’s look at these two stocks in detail.
Monday.com
Monday.com is a cloud-based workflow management software company. The company has been witnessing rising adoption trends over the past few quarters, backed by the introduction of new artificial intelligence-related updates. Furthermore, MNDY’s topline in 2024 is expected to benefit from the release of MondayDB 2.0., its Work OS platform. These strategic moves keep hedge funds optimistic about the stock’s performance.
TipRanks data shows that hedge funds bought 43,500 shares of MNDY stock last quarter. Several hedge fund managers increased their holdings in the stock, including Jonathan Bloomberg of Bloombergsen Investment Partners and Carlson Capital’s Clint Carlson. Overall, the Hedge Fund Confidence Signal on DUK is currently Positive.
Is MNDY a Good Stock to Buy?
Following the company’s 2023 investor day held on December 6, eight analysts reiterated a Buy rating on MNDY stock. In the event, Monday.com noted that 61% of Fortune 500 companies are already using its platform.
The company stock has received 13 Buys and two Holds for a Strong Buy consensus rating. Further, analysts’ average MNDY price target of $209.07 implies 19.5% upside potential. The stock is up 46.6% so far this year.
The Trade Desk
The Trade Desk, an advertising technology company, seems well poised to benefit from the recovering digital advertising market. Also, the release of new technology, such as its cookie-less tracking protocol, Unified ID 2.0, and its AI-powered algorithmic ad-buying platform, Kokai, should aid its performance.
TipRanks data shows that hedge funds bought 137,300 shares of TTD last quarter. The hedge fund managers who increased their holdings in the stock include Cathie Wood of ARK Investment Management and Andrew Law of Caxton Associates, among others. Importantly, the Hedge Fund Confidence Signal is currently Very Positive.
What is the Price Target for TTD Stock?
Trade Desk scores Wall Street’s Strong Buy consensus rating based on 18 Buys and one Hold. The average TTD stock price target of $82.06 implies nearly 16% upside potential. So far in 2023, shares have rallied over 60%.
Ending Note
Currently, both MNDY and TTD are generating considerable interest from both analysts and hedge fund managers. This, coupled with positive upside potential, positions both stocks as attractive investment considerations warranting further due diligence.
