Short Interest in MongoDB, Inc. (NASDAQ:MDB) Grows By 31.6%

Key Points

• MongoDB, Inc. experienced a significant increase in short interest, rising 31.6% to 6.62 million shares as of August 31st, which represents approximately 8.4% of the company's total shares.
• The company's stock traded down to $315.38, accompanied by a market capitalization of $25.66 billion and a P/E ratio of -321.82.
• Several analysts have recently adjusted their price targets for MongoDB, with a consensus rating of "Moderate Buy" and an average price target set at $316.29.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 6,620,000 shares, an increase of 31.6% from the August 15th total of 5,030,000 shares. Approximately 8.4% of the shares of the company are sold short. Based on an average daily volume of 2,800,000 shares, the days-to-cover ratio is presently 2.4 days. Based on an average daily volume of 2,800,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 8.4% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research firms recently weighed in on MDB. DA Davidson upped their price target on MongoDB from $325.00 to $365.00 and gave the stock a "buy" rating in a report on Thursday. Needham & Company LLC increased their target price on MongoDB from $325.00 to $365.00 and gave the company a "buy" rating in a report on Friday. Wedbush increased their target price on MongoDB from $300.00 to $400.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Sanford C. Bernstein increased their target price on MongoDB from $319.00 to $338.00 and gave the company an "outperform" rating in a report on Wednesday, August 27th. Finally, Canaccord Genuity Group increased their target price on MongoDB from $320.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, MongoDB presently has an average rating of "Moderate Buy" and a consensus price target of $335.83.

MongoDB Price Performance

Shares of NASDAQ MDB traded up $7.13 during mid-day trading on Friday, hitting $323.43. The company had a trading volume of 3,033,722 shares, compared to its average volume of 4,094,820. The company has a market capitalization of $26.31 billion, a PE ratio of -330.03 and a beta of 1.49. MongoDB has a 1-year low of $140.78 and a 1-year high of $370.00. The business's 50-day simple moving average is $257.58 and its 200 day simple moving average is $211.77.

Insider Buying and Selling at MongoDB

In other news, Director Charles M. Hazard, Jr. sold 166 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $310.00, for a total value of $51,460.00. Following the completion of the transaction, the director owned 14,493 shares of the company's stock, valued at $4,492,830. The trade was a 1.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Thomas Bull sold 1,000 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $326.25, for a total value of $326,250.00. Following the completion of the transaction, the chief accounting officer directly owned 11,598 shares of the company's stock, valued at approximately $3,783,847.50. This trade represents a 7.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,730 shares of company stock worth $16,441,331. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of MongoDB

Several hedge funds have recently modified their holdings of the stock. 111 Capital acquired a new stake in MongoDB in the fourth quarter valued at $390,000. Park Avenue Securities LLC raised its stake in MongoDB by 52.6% in the first quarter. Park Avenue Securities LLC now owns 2,630 shares of the company's stock valued at $461,000 after buying an additional 907 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in MongoDB by 4.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,748 shares of the company's stock valued at $1,359,000 after buying an additional 298 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in MongoDB in the first quarter valued at $263,000. Finally, Acadian Asset Management LLC raised its stake in MongoDB by 181.8% in the first quarter. Acadian Asset Management LLC now owns 562,190 shares of the company's stock valued at $98,586,000 after buying an additional 362,705 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About MongoDB

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.