This research paper examines the field of stock price forecasting by investigating the effectiveness of the wisdom of crowds theory. Based on James Surowiecki's idea that the collective insights of a diversified group can surpass individual expertise, the paper seeks to expose the effectiveness of this theory in predicting stock price movements, and describes its effectiveness in all sorts of other fields as well. The paper describes the theoretical foundations, the key concepts of the theory, the main characteristics of the wise crowd and the conducted empirical research in order to provide a comprehensive analysis of collective intelligence in the context of financial markets and beyond. Considering that the theory of the wisdom of crowds is part of behavioral economic theory, behavioral predictive models and their similarities and differences with traditional financial forecasting models are also described. The conducted research was based on previous literature on the application of the theory of the wisdom of the masses, and was based on answers from an anonymous online survey. The research neither confirmed nor refuted the successful application of the theory in the context of financial markets, but certain features can be read from it that are in accordance with the existing literature, and are described in detail in the paper itself. Despite several limitations of the research, it showed results that may be applicable in future and more extensive research on this topic.