Why MongoDB Stock Jumped Today
Shares of database software company MongoDB (NASDAQ: MDB) jumped on Wednesday despite no news. The stock has been surging since early February, carving out new all-time highs in the process, and was up about 10.1% at today's market close.
MongoDB went public in October of last year. Its first quarterly report as a publicly traded company was positive, beating expectations for both revenue and earnings. The stock rallied following that report, but fizzled in January, erasing all those gains.
Revenue growth has been particularly impressive, and expectations of continued strong growth may be pushing up the stock. During the third quarter, MongoDB logged $41.49 million of revenue, up 57.8% year over year and about $4.3 million higher than analyst forecasts.
MongoDB now has 4,900 customers, gaining 600 new customers in the third quarter alone. Atlas, the company's database-as-a-service offering, now has 2,600 customers, up from 1,900 at the end of the second quarter.
MongoDB will report its fourth-quarter results after the market closes on March 13. Analysts are anticipating revenue of $42.16 million and a non-GAAP loss of $0.43 per share.
With the stock now up 54% from its 52-week low, MongoDB will need to put up some impressive numbers to keep the rally going.
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Timothy Green has no position in any of the stocks mentioned. The Motley Fool recommends MongoDB. The Motley Fool has a disclosure policy.