MongoDB Stock Rises After Big Earnings Beat. Why This Analyst Maintains Sell Rating.

MongoDB stock rose early Friday after the cloud-based database firm crushed Wall Street’s profit expectations and raised its financial outlook for the year as it signed more multiyear licensing agreements.

After markets closed on Thursday, MongoDB posted adjusted earnings per share for the second quarter ended July of 93 cents versus analyst consensus of 46 cents listed on FactSet. Revenue of $423.8 million was also ahead of the $393.7 million estimated and beat management’s own guidance. Still, the stock was up 4.9% to $399.99 in premarket trading on Friday. The shares have climbed 94% in 2023, as of Thursday’s close.

Guggenheim’s Ma said the report was a “masterclass in beat and raise model” for companies. Ma in his Friday note still kept his Sell rating on the stock citing management’s commentary on consumption growth, which refers to revenue coming from pay-as-you-go pricing models apart from the standard licensing.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MongoDB’s stock gains 8% after earnings top expectations, AI in focusShares of MongoDB Inc. rallied more than 8% in the extended session Thursday after the software company reported fiscal 2024 second-quarter earnings well...
Source: MarketWatch - 🏆 3. / 97 Read more »

SunRun stock rises after Citi upgrades solar company to buy from neutralSunRun Inc. stock was up by 2.4% on Wednesday after Citi upgraded the residential solar panel installing company to buy/high risk from neutral/high risk....
Source: MarketWatch - 🏆 3. / 97 Read more »

Microsoft Corp. stock rises Wednesday, still underperforms marketShares of Microsoft Corp. inched 0.12% higher to $328.79 Wednesday, on what proved to be an all-around positive trading session for the stock market, with...
Source: MarketWatch - 🏆 3. / 97 Read more »

GameStop Corp. Cl A stock rises Wednesday, outperforms marketShares of GameStop Corp. Cl A inched 0.71% higher to $18.37 Wednesday, on what proved to be an all-around favorable trading session for the stock market,...
Source: MarketWatch - 🏆 3. / 97 Read more »

Alphabet Inc. Cl A stock rises Wednesday, outperforms marketShares of Alphabet Inc. Cl A inched 0.97% higher to $135.88 Wednesday, on what proved to be an all-around great trading session for the stock market, with...
Source: MarketWatch - 🏆 3. / 97 Read more »