Why MongoDB Stock Is Down Today
Shares of database software company MongoDB (NASDAQ: MDB) are down 4.4% as of midday Wednesday, following the company's decision to raise funds by selling newly issued stock.
As other organizations have of late, MongoDB is capitalizing on its stock's recent gains by issuing new shares while prices are elevated. The company announced after Tuesday's close it intends to sell 2.3 million new shares of its common stock, but revised that figure to 2.5 million late Tuesday evening. The offering price of $365 per share was less than Tuesday's closing price of $383.71, offering a discount to new buyers. As of the end of January, 60.9 million shares of MongoDB common stock were outstanding.
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Source Fool.com