MongoDB (NASDAQ:MDB) Shares Gap Up – Here’s Why

21 Nov 2024, 17:48 by Kim Johansen · The Markets Daily

Shares of MongoDB, Inc. (NASDAQ:MDB – Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $281.76, but opened at $306.22. MongoDB shares last traded at $319.26, with a volume of 661,635 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MDB shares. Citigroup lifted their price target on shares of MongoDB from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company lifted their price target on shares of MongoDB from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Oppenheimer lifted their price target on shares of MongoDB from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Barclays lifted their price objective on shares of MongoDB from $290.00 to $345.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $350.00 price objective on shares of MongoDB in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $336.54.

Get Our Latest Report on MDB

MongoDB Stock Performance

The business’s 50-day moving average price is $277.71 and its 200-day moving average price is $272.59. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.84. The stock has a market cap of $24.02 billion, a PE ratio of -103.73 and a beta of 1.15.

MongoDB (NASDAQ:MDB – Get Free Report) last released its earnings results on Thursday, August 29th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.21. The company had revenue of $478.11 million for the quarter, compared to the consensus estimate of $465.03 million. MongoDB had a negative net margin of 12.08% and a negative return on equity of 15.06%. MongoDB’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.63) EPS. As a group, equities research analysts expect that MongoDB, Inc. will post -2.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dwight A. Merriman sold 1,319 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $285.92, for a total value of $377,128.48. Following the sale, the director now owns 87,744 shares in the company, valued at $25,087,764.48. This represents a 1.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Thomas Bull sold 154 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $256.25, for a total transaction of $39,462.50. Following the completion of the sale, the chief accounting officer now owns 16,068 shares in the company, valued at $4,117,425. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,600 shares of company stock valued at $7,034,249. Insiders own 3.60% of the company’s stock.

Institutional Trading of MongoDB

Hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC lifted its holdings in MongoDB by 23.6% during the third quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after purchasing an additional 592,038 shares in the last quarter. Swedbank AB lifted its stake in shares of MongoDB by 156.3% in the second quarter. Swedbank AB now owns 656,993 shares of the company’s stock worth $164,222,000 after buying an additional 400,705 shares in the last quarter. Thrivent Financial for Lutherans increased its position in MongoDB by 1,098.1% during the second quarter. Thrivent Financial for Lutherans now owns 424,402 shares of the company’s stock worth $106,084,000 after purchasing an additional 388,979 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in MongoDB during the second quarter worth about $52,131,000. Finally, Avala Global LP acquired a new stake in MongoDB during the third quarter worth about $47,960,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

MongoDB Company Profile

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