The world’s foremost artificial intelligence (AI) stock trading algorithm, An-E, has issued price predictions on these nine hot stocks.
An-E (pronounced Annie) has made this kind of prediction before. Back in December, Wall Street was bullish on Johnson & Johnson (NYSE:JNJ). Analysts were convinced JNJ could only go up… but An-E knew better. The algorithm said that JNJ stock was headed down 10% over one month… and JNJ stock fell that exact amount.
Wall Street was shocked… but An-E saw it coming long before everyone else.
We’ve seen spot-on predictions for Vontier (NYSE:VNT)… Martin Marietta Materials (NYSE:MLM)… Domino’s Pizza (NYSE:DPZ). Now this technology has flagged a big move coming in these stocks to watch over the next 21 days.
Nio (NYSE:NIO) is one of many electric vehicle (EV) makers that have been in focus thanks to price cuts in 2023. Its shares are down 12% so far this year as investors wonder how economic pressures will play out.
Its latest delivery update, in April, was a mixed bag. The company announced that deliveries were up 30% year over year, at 6,658 for the month. However, that did mark a drop from more than 10,000 deliveries in March.
Looking to the future, Nio is betting on continued demand in China, the success of its battery-swapping projects, and European expansion.
An-E is not so convinced. By June 8, it expects Nio to fall to $8.01.
AMC Entertainment (AMC)
Investors are closely watching AMC Entertainment (NYSE:AMC) to see what will come out of its proposed preferred stock conversion. As InvestorPlace Assistant Financial News Writer Eddie Pan reported, they will have to wait until June 29 to do so.
Another catalyst to watch is the Hollywood writers strike. While AMC CEO Adam Aron is convinced that only a long-lasting strike will impact movie production, investors are feeling cautious. Shares are down 3% over the past month and down nearly 27% over the last six.
Looking to the future, An-E sees a more-than-3% drop to $5.32.
GameStop (NYSE:GME) still has a loyal army of meme stock investors rooting for a short squeeze, paying close attention to any changes in the number of shares available to short and its short fee borrow rate.
However, the video game retailer has an uncertain future. Executives are slowing its pivot to an e-commerce business, putting more attention back on the brick-and-mortar locations. Its non-fungible token (NFT) marketplace has also failed to drum up consistent hype.
Investors will get another update following its annual meeting on June 15, where five proposals are up for a vote. Before then, An-E expects it to fall slightly with a June 8 price prediction of $20.38.
Legacy automaker Ford (NYSE:F) has not been immune from the EV drama. In fact, feeling the pressures of competitor price cuts, Ford announced it would again trim the price of its Mustang Mach-E.
On the flip side, Ford has more of an established presence in the market and has some catalysts working for it. As several InvestorPlace contributors have noted, it will benefit as its cars are eligible for $7,500 EV tax credits.
An-E seems to agree that things are 50-50 right now. The artificial intelligence engine has set a price prediction on F stock of $11.88, roughly flat with its current price.
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QuantumScape (NYSE:QS) and its solid-state batteries have the potential to change the automotive world as we know it, but this month, QS stock is in the dog house. Shares are down 22% as investors wait for QuantumScape to enter the commercialization phase.
In the month ahead, An-E has set a price prediction of $6.04 on QS stock. Where it goes after that is likely dependent on how quickly it can get its next-generation batteries into market.
Rivian (NASDAQ:RIVN) has recently outperformed its EV peers, largely thanks to its slight estimate beats in its Q1 results. Also helping matters, Rivian shared that it was on track to meet its production and delivery guidance for 2023.
Plus, as InvestorPlace contributor Dana Blankenhorn noted, Rivian CEO RJ Scaringe is hopeful that more big-name partnerships are just around the corner. Its current deal with Amazon (NASDAQ:AMZN) already earns it a higher status than some of its competitors.
However, over the next month, An-E thinks RIVN stock is going to cool off. The engine has predicted Rivian will trade at $13.49 on June 8.
SoFi (NASDAQ:SOFI) has gotten caught up in a bit of the regional banking panic. And to be fair, SoFi does have a bank charter as a result of an acquisition.
But as InvestorPlace Markets Analyst Tom Yeung has highlighted, SoFi is in a much better spot. In fact, investors who are not buying up SoFi shares now could be missing a big opportunity.
Insiders like CEO Anthony Noto clearly recognize that, making several significant purchases in recent days.
But what does An-E think? The artificial intelligence engine says that by June 8, SOFI stock will be trading relatively flat at a price of $5.44.
Plug Power (PLUG)
Plug Power (NASDAQ:PLUG) has long attracted interest as it represents an investment on hydrogen — a key component of the green energy revolution. In 2020 and 2021, this business model drove shares of PLUG stock higher.
But now, the company has found itself struggling, even after beating earnings and revenue estimates. One key reason for its post-earnings selloff is that widening losses from hydrogen prices have been eating into margins. This likely has investors worried about what comes next.
An-E predicts shares will be trading relatively flat on June 8 at $7.73.
Lucid Motors (LCID)
Lucid Motors (NASDAQ:LCID) is another favorite for its potential to disrupt the EV space.
Unfortunately, however, it missed the mark in the first quarter. The company reported that it lost more than $500,000 for every vehicle it delivered… and signs point to the company struggling with sales. Those things combined have driven LCID stock down 13% in the past month.
But where do things go from here? An-E says that shares will be trading at $7.08 on June 8.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
— Sarah Smith
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Source: Investor Place