MongoDB (NASDAQ:MDB) Hits New 1-Year Low Following Analyst Downgrade

MongoDB, Inc. (NASDAQ:MDB)’s stock price reached a new 52-week low during trading on Monday after Truist Financial lowered their price target on the stock from $300.00 to $275.00. Truist Financial currently has a buy rating on the stock. MongoDB traded as low as $171.21 and last traded at $174.84, with a volume of 155238 shares traded. The stock had previously closed at $178.03.

Other research analysts have also issued research reports about the company. Tigress Financial lifted their target price on MongoDB from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Oppenheimer decreased their price objective on shares of MongoDB from $400.00 to $330.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Wells Fargo & Company cut shares of MongoDB from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $365.00 to $225.00 in a report on Thursday, March 6th. Needham & Company LLC reduced their price target on shares of MongoDB from $415.00 to $270.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Finally, Loop Capital lowered their price objective on shares of MongoDB from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MongoDB has a consensus rating of “Moderate Buy” and a consensus target price of $319.87.

Insider Activity

In other news, insider Cedric Pech sold 287 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $234.09, for a total value of $67,183.83. Following the completion of the sale, the insider now owns 24,390 shares in the company, valued at $5,709,455.10. This represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dev Ittycheria sold 2,581 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $234.09, for a total transaction of $604,186.29. Following the completion of the sale, the chief executive officer now directly owns 217,294 shares of the company’s stock, valued at $50,866,352.46. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,139 shares of company stock worth $11,328,869 over the last three months. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB

Hedge funds have recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL purchased a new stake in MongoDB during the fourth quarter valued at about $29,000. Hilltop National Bank boosted its stake in MongoDB by 47.2% in the 4th quarter. Hilltop National Bank now owns 131 shares of the company’s stock worth $30,000 after purchasing an additional 42 shares during the period. NCP Inc. purchased a new position in MongoDB during the 4th quarter worth approximately $35,000. Continuum Advisory LLC raised its stake in MongoDB by 621.1% during the 3rd quarter. Continuum Advisory LLC now owns 137 shares of the company’s stock valued at $40,000 after purchasing an additional 118 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of MongoDB by 1,100.0% in the fourth quarter. Versant Capital Management Inc now owns 180 shares of the company’s stock valued at $42,000 after purchasing an additional 165 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

MongoDB Stock Down 1.5 %

The firm has a market cap of $14.24 billion, a price-to-earnings ratio of -64.01 and a beta of 1.30. The company has a 50-day moving average price of $244.01 and a 200 day moving average price of $265.11.

MongoDB (NASDAQ:MDB) last announced its quarterly earnings data on Wednesday, March 5th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). The business had revenue of $548.40 million for the quarter, compared to analyst estimates of $519.65 million. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. During the same quarter in the previous year, the business posted $0.86 earnings per share. Equities analysts forecast that MongoDB, Inc. will post -1.78 EPS for the current year.

About MongoDB

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.