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

MongoDB, Inc. (NASDAQ:MDB) shares 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 trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MDB. DA Davidson lifted their price objective on shares of MongoDB from $330.00 to $340.00 and gave the company a “buy” rating in a report on Friday, October 11th. Mizuho lifted their price objective on shares of MongoDB from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Citigroup lifted their price objective on shares of MongoDB from $350.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Truist Financial lifted their price objective on shares of MongoDB from $300.00 to $320.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Needham & Company LLC lifted their price target on shares of MongoDB from $290.00 to $335.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, MongoDB has an average rating of “Moderate Buy” and a consensus price target of $336.54.

MongoDB Stock Up 15.4 %

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 company has a market capitalization of $24.02 billion, a price-to-earnings ratio of -103.73 and a beta of 1.15. The firm’s 50 day simple moving average is $277.71 and its 200-day simple moving average is $272.59.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.21. The company had revenue of $478.11 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted ($0.63) EPS. On average, sell-side analysts anticipate that MongoDB, Inc. will post -2.39 EPS for the current fiscal year.

Insider Buying and Selling at MongoDB

In related news, Director Dwight A. Merriman sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $290.79, for a total value of $872,370.00. Following the sale, the director now directly owns 1,135,006 shares in the company, valued at $330,048,394.74. The trade was a 0.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Thomas Bull sold 1,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $282.89, for a total transaction of $282,890.00. Following the completion of the sale, the chief accounting officer now owns 16,222 shares in the company, valued at $4,589,041.58. This represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,600 shares of company stock valued at $7,034,249. 3.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MDB. MFA Wealth Advisors LLC purchased a new position in shares of MongoDB during the 2nd quarter worth about $25,000. J.Safra Asset Management Corp grew its position in MongoDB by 682.4% in the second quarter. J.Safra Asset Management Corp now owns 133 shares of the company’s stock valued at $33,000 after acquiring an additional 116 shares in the last quarter. Quarry LP boosted its stake in shares of MongoDB by 2,580.0% during the 2nd quarter. Quarry LP now owns 134 shares of the company’s stock valued at $33,000 after buying an additional 129 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in shares of MongoDB during the 2nd quarter valued at approximately $35,000. Finally, Brooklyn Investment Group purchased a new position in shares of MongoDB during the 3rd quarter valued at approximately $36,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

MongoDB Company Profile

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.