What's Going On With MongoDB Shares Monday?

MongoDB, Inc. (NASDAQ:MDB) is in the spotlight Monday ahead of third-quarter earnings after the market closes.

What To Know: Analysts estimate earnings per share of 80 cents along with revenue of $591.52 million.

For the prior quarter, MongoDB reported earnings per share of $1.00, beating the consensus estimate of 66 cents. In addition, the company posted revenue of $591.40 million, beating the consensus estimate of $552.46 million.

MongoDB has a strong history of beating the consensus estimates for both revenue and earnings per share, according to Benzinga Pro.

Analyst Changes: Ahead of the earnings report, multiple analysts issued price target adjustments.

• Rosenblatt analyst Blair Abernethy maintained a Buy rating on MongoDB and maintained a $385 price target.
• Guggenheim analyst Howard Ma reiterated a Buy rating on MongoDB and maintained a $400 price target.
• Citigroup analyst Tyler Radke maintained a Buy rating on MongoDB and raised the price target from $425 to $440.

MDB Analysis: MongoDB stock is currently trading approximately 0.4% above its 50-day moving average, indicating a slight bullish sentiment in the short term. More significantly, it is trading approximately 35.8% above its 200-day moving average, which suggests a strong long-term upward trend.

The stock’s 52-week range of $140.78 to $385.44 highlights its volatility and potential for significant price movements. With the current price near the upper end of this range, it may face resistance around the $340 level, which could act as a psychological barrier for traders. Conversely, support is likely to be found around the $320 mark, where previous buying interest has emerged.

Volume on Monday was recorded at 1.3 million shares, indicating a healthy level of trading activity. This volume suggests that the current price movement is supported by sufficient market participation, which is crucial for sustaining upward momentum. If volume increases further, it could signal stronger conviction among buyers.

Intraday, the stock opened at $326.43 and reached a high of $335.91, reflecting positive market sentiment. The low of $321.25 may serve as a critical support level; if the price were to drop below this point, it could trigger further selling pressure.

Technical indicators point to a generally bullish outlook, especially with the stock maintaining its position above both moving averages. However, traders should remain cautious of potential pullbacks, particularly if the stock approaches the resistance level near $340. Monitoring these key levels will be essential for assessing future price action and market sentiment surrounding MongoDB.

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MDB Price Action: At the time of writing, MongoDB shares are trading 0.10% higher at $332.69, according to data from Benzinga Pro.

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