Why MongoDB's Stock Is Trading Lower Today

MongoDB, Inc. MDB shares are trading lower on Wednesday after the company priced its upsized public offering of 2.5 million shares of common stock at $365 per share.

"MongoDB estimates that the net proceeds from the sale of the shares will be approximately $889.0 million," according to the press release.

MongoDB is a document-oriented database with nearly 25,000 paying customers and well past 1.5 million free users. The company provides both licenses as well as subscriptions as a service for its NoSQL database.

MongoDB's stock was trading about 4.5% lower at $366.38 at the time of publication. The stock has a 52-week high of $428.96 and a 52-week low of $186.27.