Why Shares of MongoDB Tanked 33% in May
Shares of document database-software company MongoDB (NASDAQ: MDB) took a steep 33% tumble in May, according to data from S&P Global Market Intelligence. It was a rough month for tech stocks overall, especially for those like MongoDB that offer sizzling revenue growth but haven't yet turned a profit. With the Federal Reserve raising interest rates and beginning to tighten monetary policy to try and tame inflation, it isn't a great market environment for investing in companies such as this.
However, to kick off the month of June, MongoDB reported stellar earnings for the first quarter of its current fiscal year. Shares promptly rallied nearly 20%. After paring some losses, the stock is now down 45% so far in 2022 -- although long-term shareholders are likely still happy with the nearly 800% return since the company's IPO in late 2017.
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Source Fool.com
