MongoDB (MDB) Soars 38% on Strong Earnings

We recently published 10 Stocks With Easy 7-38% Upside in Just a Day. MongoDB, Inc. (NASDAQ:MDB) is one of the best performers on Wednesday.

MongoDB soared by 37.96 percent on Wednesday to close at $295.70 apiece as investor sentiment was bolstered by its impressive earnings performance in the second quarter of the year and a higher price target from an investment firm.

In an updated report, MongoDB, Inc. (NASDAQ:MDB) said net loss narrowed by 13.76 percent to $47 million from $54.5 million in the same period last year. Revenues increased by 23.7 percent to $591 million from $478 million.

In the first half, net loss narrowed by 37 percent to $84.67 million from $135 million, while revenues grew by 22.7 percent to $1.14 billion from $929 million in the same comparable period.

Following the results, MongoDB, Inc. (NASDAQ:MDB) earned a higher price target of $265 from Macquarie, versus the $230 previously. However, the investment firm remained neutral for its stock.

According to Macquarie, MongoDB, Inc.’s (NASDAQ:MDB) strategic shift in its go-to-market approach appears to be gaining ground, as it now focuses on strategic accounts and winning higher-quality workloads.