MongoDB (NASDAQ:MDB) Shares Down 4.8% – Here’s Why

MongoDB, Inc. (NASDAQ:MDB) shares fell 4.8% during mid-day trading on Wednesday . The company traded as low as $241.08 and last traded at $241.6370. 811,542 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,945,165 shares. The stock had previously closed at $253.76.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Stifel Nicolaus cut their price target on MongoDB from $450.00 to $330.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and issued a $425.00 price objective on shares of MongoDB in a research note on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MongoDB in a research note on Monday, December 29th. Macquarie Infrastructure increased their price target on shares of MongoDB from $305.00 to $385.00 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. Finally, Wall Street Zen upgraded shares of MongoDB from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $355.24.

MongoDB Stock Performance

The stock has a market capitalization of $19.39 billion, a P/E ratio of -274.18 and a beta of 1.40. The stock has a 50-day simple moving average of $326.67 and a 200 day simple moving average of $350.07.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.18. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. The firm had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. During the same quarter in the previous year, the firm posted $1.28 earnings per share. The business’s revenue was up 26.8% on a year-over-year basis. Equities analysts predict that MongoDB, Inc. will post -1.78 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Dwight A. Merriman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $407.70, for a total value of $4,077,000.00. Following the completion of the transaction, the director owned 1,031,316 shares of the company’s stock, valued at approximately $420,467,533.20. This trade represents a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 19,383 shares of company stock worth $7,910,983 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Several hedge funds have recently modified their holdings of MDB. Cornerstone Planning Group LLC increased its position in shares of MongoDB by 1,220.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 66 shares of the company’s stock worth $27,000 after purchasing an additional 61 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in MongoDB during the fourth quarter worth approximately $28,000. Huntington National Bank raised its stake in MongoDB by 110.9% in the third quarter. Huntington National Bank now owns 97 shares of the company’s stock valued at $30,000 after buying an additional 51 shares during the period. International Assets Investment Management LLC bought a new position in shares of MongoDB during the 4th quarter worth approximately $33,000. Finally, Promus Capital LLC acquired a new position in shares of MongoDB during the 2nd quarter worth approximately $36,000. Institutional investors own 89.29% of the company’s stock.

MongoDB Company Profile

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company’s platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.