MongoDB stock streaks toward best day ever after big beat, forecast

MongoDB Inc. MDB shares were on track for their best day ever on Friday after the database company posted a big beat-and-raise quarter. MongoDB shares soared as much as 35% to an intraday high of $397.98 after blowing away Wall Street expectations late Thursday. Shares of MongoDB were up more than 27% in the final hour of trading, on track to best the stock’s best one-day run of 26.3%, set on Sept. 3, 2021.

“Looking forward, we believe Mongo can sustain 25%+ revenue growth while continuing to invest for the long term, driven by a combination of strong current customer growth and new customer acquisition,” said Stifel analyst Brad Reback in a note. Reback, who has a buy rating on the stock, hiked his price target on MongoDB to $375 from $240. MongoDB shares are up 91% on the year, while the S&P 500 index SPX is up 12%.

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