Why MongoDB Stock Fell Today Despite a Bullish Analyst Note
When a stock is reviewed positively by an analyst, it usually gets at least a small bump in its price. That, sadly, wasn't the case with MongoDB (NASDAQ: MDB) on Thursday. The company's shares shed more than 3% of their value across the day, despite a glowing new note from a top American bank.
MongoDB is very much on the radar of Citigroup (NYSE: C), whose analyst Tyler Radke designated it a top pick in the software segment. In a research note detailing the reasons why, Radke expressed admiration for the company's growth potential, writing that recent fundamentals bring "the focus back to its longer-term attractive growth story having one of the largest [total addressable markets] in software."
Many analysts are -- or, prior to Thursday, were -- very bullish on MongoDB. Earlier this month the company published its third quarter of fiscal 2023 results, which trounced analyst expectations for both revenue and profitability. In fact, the company's nearly $19 million ($0.23 per share) in non-GAAP (adjusted) net income was in sharp contrast to the average prognosticator estimate of a per-share loss of $0.17.
Source Fool.com
