MongoDB (MDB) Soars to 9-Month High on Strong Earnings, Higher PT

We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. MongoDB, Inc. is one of the worst performers on Friday.

MongoDB jumped by 44.07 percent week-on-week to touch a near nine-month high as investors gobbled up shares following a strong earnings performance in the second quarter of the year, supported by a higher price target from an investment firm.

On Friday alone, MongoDB, Inc. soared to as high as $321.92, its highest price in nearly nine months, representing a 47-percent jump from its closing price on August 22. The last time MongoDB, Inc. touched the said level was on December 10, 2024, when it hit $323.57.

In an updated report, MongoDB, Inc. said it narrowed its net loss during the period 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 decreased 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. earned a higher price target of $265 from Macquarie, versus the $230 previously. However, the investment firm remained neutral on its stock.

According to Macquarie, MongoDB, Inc.’s 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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

This article is originally published at Insider Monkey.