Here's Why MongoDB Stock Is Plunging Today

MongoDB Inc MDB shares are trading lower Thursday after the company reported second-quarter financial results and issued earnings guidance below analyst estimates.

Q2 Results: MongoDB said fiscal second-quarter revenue increased 53% year-over-year to $303.66 million, which beat average analyst estimates of $282.39 million, according to Benzinga Pro. The company reported a quarterly net loss of 23 cents per share, which beat average analyst estimates for a loss of 28 cents per share.

Outlook: MongoDB expects third-quarter revenue to be between $300 million and $303 million versus the estimate of $294.85 million. The company expects a third-quarter net loss between 16 cents and 19 cents per share versus the estimate of 14 cents per share. 

MongoDB sees full-year revenue in a range of $1.196 billion to $1.206 billion versus the estimate of $1.19 billion. The company anticipates a full-year net loss between 28 cents and 35 cents per share versus the estimate for a loss of 21 cents per share. 

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Analyst Assessment: Several analysts cut price targets on the stock following the company's quarterly results.

  • Piper Sandler analyst Brent Bracelin maintained MongoDB with an Overweight and lowered the price target from $375 to $350.
  • Barclays analyst Raimo Lenschow maintained MongoDB with an Overweight and lowered the price target from $438 to $360.
  • Citigroup analyst Tyler Radke maintained MongoDB with a Buy and lowered the price target from $450 to $445.
  • Needham analyst Mike Cikos maintained MongoDB with a Buy and lowered the price target from $350 to $330.
  • Credit Suisse analyst Phil Winslow maintained MongoDB with an Outperform and lowered the price target from $500 to $400.
  • UBS analyst Karl Keirstead maintained MongoDB with a Buy and lowered the price target from $430 to $390.

MDB Price Action: MongoDB has a 52-week high of $519.54 and a 52-week low of $213.39.

The stock was down 16.2% at $270.66 at press time, according to Benzinga Pro.

Photo: David Martín from Flickr.

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