GoDaddy GDDY Shares Surge with AI Boost: Potential for a New Bull Breakout

GoDaddy (GDDY) shares have seen impressive growth, rising 123% in the past eight months, driven by AI interest. Forecasts suggest another bull breakout may be on the horizon as institutional demand rises.

GoDaddy has long been a recognized name in the realm of website hosting and domain registration. Founded by Bob Parsons in 1997, the company quickly rose to prominence, becoming the largest ICANN-accredited registrar by 2005. Today, GoDaddy employs over 6,000 people, generates $4 billion in revenue, and operates from its headquarters in Tempe, Arizona.

After launching an initial public offering (IPO) worth $100 million in 2014, GoDaddy’s GDDY shares officially hit the New York Stock Exchange in 2015. While the company initially saw its stock price rise from $26 to a peak of $84 in its first three years, the next six years saw GDDY shares mostly trading sideways between $60 and $87, with few exceptions.

However, the tides turned dramatically on November 3, 2023, when GDDY shares surged from $79 to $85 in a single trading session. This marked the beginning of a powerful rally, which culminated in August 2024 with a new all-time high above $167—an impressive 123% increase over eight months. Despite this stellar growth, GDDY’s rise was largely overshadowed by the performance of tech giant Nvidia (NVDA).

Recent Performance and AI Impact

Following the August peak, GDDY shares dipped below $150 in September, but have since rebounded to approximately $164 in October 2024. According to recent analyses, GDDY may be poised for another bullish breakout in the coming months.

Over the past year, GDDY has outperformed nearly all stocks in the “Magnificent Seven” group of tech giants, with the exception of Nvidia. This surge in interest is largely attributed to the growing influence of artificial intelligence (AI), which has helped propel GDDY’s stock upward. Like Nvidia, GoDaddy is well-positioned to benefit from the increased adoption of AI technologies.

One key indicator supporting this potential bull breakout is the notable increase in institutional buying. In August, GoDaddy topped the list of new purchases made by top mutual funds, with experts estimating that these funds acquired GDDY shares worth over $2 billion—a significant amount considering GoDaddy’s market capitalization of around $23 billion.

Institutional Interest and Market Demand

Currently, there are 120 A+ rated funds holding GDDY in their portfolios, and the stock has seen increased fund ownership for four consecutive quarters. Additionally, GoDaddy boasts a strong up/down volume ratio of 2.0, a clear indicator of demand. For comparison, stocks in the Magnificent Seven, including Meta (1.5), Nvidia (1.5), and Amazon (1.4), have lower volume ratios.

This metric tracks institutional buying and selling over the last 13 weeks, with values above 1.0 signaling strong demand. GoDaddy’s exceptional volume ratio indicates that investors are increasingly interested in the stock, positioning it for further growth.

Outlook for GDDY Shares

As the end of the year approaches, all eyes will be on GoDaddy’s third-quarter financial results. A strong quarterly performance could trigger another bull rally, pushing GDDY shares to new heights. If GoDaddy continues to attract institutional interest and capitalize on the momentum driven by AI, its stock may reach another all-time high in the near future.

Investors and analysts alike are optimistic about GDDY’s future, as the company’s performance continues to exceed expectations in a competitive tech landscape. With growing demand for AI solutions and a robust market position, GoDaddy is poised for continued success.

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