Alternative Data Platform Predicts Stock Market with an 83% Accuracy

(MENAFN- Jastra Kranjec) Recent years have witnessed a growing number of investors using alternative data to make up-to-date stock picks. These non-traditional data sources, like social media comments, job postings, credit card transactions, and employee satisfaction, are a fantastic tool to get a complete picture of a company's performance and can help investors outperform the market.
According to data from AltIndex.com, using alternative data has enabled this platform to predict the stock market with a high 83% success rate.
AI Stock Picks Outperformed S&P 500 with a 23.2% Positive Return
With alternative data, stock trading becomes much easier. These non-traditional data sources go beyond standard financial reports and help investors get a competitive edge in the market.
AltIndex algorithm analyzes millions of alternative data signals from thousands of publicly traded companies daily to forecast future price movements and overall company performance. Stocks that receive higher scores are assigned buy signals, while those with lower scores are designated with sell signals. The algorithm's performance proves the enormous potential of combining AI and alternative data analysis in stock picking.
In the first quarter of 2023, AltIndex's AI Stock Picks algorithm generated 65 buy and sell recommendations. A remarkable 83% of these selections brought gains, leading to an overall return of 23.2%. Moreover, this shows that AI stock picks outperformed the S&P 500, which recorded a 12.5% return in the same timeframe.
Remitly (RELY) and Duolingo (DUOL) the Two Top-Performing Stock Picks with 86% and 79% Price Jump YTD
While over two-thirds of AltIndex stock picks brought gains, some stocks still stand out. Statistics show that Remitly (RELY) and Duolingo (DUOL) are the top-performing stocks from the AltIndex stock picks recommendation.
In February, the AltIndex algorithm marked Remitly (RELY) as a good buy based on several positive indicators, including job posts, employee satisfaction, mobile app downloads, and a month-over-month spike in YouTube subscribers. Since then, its price jumped by more than 86%.
The buy recommendation for Duolingo (DUOL) was also spot on. The algorithm market DUOL as a buy recommendation in January, based on its social media community growth, mobile app downloads, strong financials, and high sentiment across popular stock forums. The stock's price has surged by more than 79% since then, and the algorithm continues to endorse Duolingo as a buy.
Other noteworthy picks include a sell recommendation on Wish, which saw a 69% fall, and the sell recommendation on Bed, Bath & Beyond which declared bankruptcy in April and its stock value plummeted over 90% before delisting.

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