Workday, a leading enterprise software firm, has crafted a new buy point as it expands its use of artificial intelligence and gains demand from fund managers. The company’s stock surged ahead of its debut on the S&P 500, with trading volume spiking on Friday.
Workday embeds AI across its platform to help clients with financial management and human resources. Over 10,500 organizations worldwide use the firm, including over 60% of the Fortune 500. Despite not being included in December’s list of new buys by top mutual funds, Workday’s stock shows strong fundamentals, with a B+ Accumulation/Distribution Rating and a strong 1.7 up/down volume ratio.
The company recently expanded its Generative AI capabilities with the unveiling of new features for Illuminate, its next-generation AI platform. These enhancements aim to help managers analyze large volumes of employee feedback and deliver insights needed to make important decisions. Workday’s stock has formed a 43-week long cup with handle pattern, with a buy point of 294.
As Workday continues to build the handle, it looks to retake its 21-day exponential moving average, indicating a possible fresh climb for the stock. With over 56 funds having an A+ rating from IBD holding positions in the stock, Workday is gaining momentum as a potential winner in the market.
Source: https://www.investors.com/research/breakout-stocks-technical-analysis/workday-stock-wday-sp-500