MongoDB, Inc. (NASDAQ:MDB) Sees Large Increase in Short Interest

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 recipient of a large increase in short interest in 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. Based on an average daily volume of 2,800,000 shares, the short-interest ratio is presently 2.4 days. Approximately 8.4% of the company's shares are sold short. Approximately 8.4% of the company's shares are sold short. Based on an average daily volume of 2,800,000 shares, the short-interest ratio is presently 2.4 days.

MongoDB Price Performance

Shares of MDB traded down $11.99 on Wednesday, reaching $315.38. The company's stock had a trading volume of 3,699,107 shares, compared to its average volume of 2,515,199. The stock has a market capitalization of $25.66 billion, a P/E ratio of -321.82 and a beta of 1.49. The stock's 50 day simple moving average is $251.06 and its two-hundred day simple moving average is $210.53. MongoDB has a 12-month low of $140.78 and a 12-month high of $370.00.

Analysts Set New Price Targets

MDB has been the subject of a number of analyst reports. William Blair restated an "outperform" rating on shares of MongoDB in a research note on Thursday, June 26th. Needham & Company LLC raised their price objective on shares of MongoDB from $270.00 to $325.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. UBS Group raised their price objective on shares of MongoDB from $240.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Barclays raised their price objective on shares of MongoDB from $270.00 to $305.00 and gave the company an "overweight" rating in a research note on Wednesday, August 27th. Finally, Stephens initiated coverage on shares of MongoDB in a research note on Friday, July 18th. They set an "equal weight" rating and a $247.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $316.29.

Insider Activity at MongoDB

In related news, Director Dwight A. Merriman sold 1,000 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $245.00, for a total value of $245,000.00. Following the completion of the transaction, the director directly owned 1,104,316 shares in the company, valued at $270,557,420. This trade represents a 0.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dev Ittycheria sold 33,320 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $301.29, for a total transaction of $10,038,982.80. Following the completion of the transaction, the chief executive officer owned 203,237 shares of the company's stock, valued at approximately $61,233,275.73. The trade was a 14.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,556 shares of company stock valued at $16,056,341. 3.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MongoDB

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Main Management ETF Advisors LLC raised its holdings in MongoDB by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 3,665 shares of the company's stock worth $770,000 after purchasing an additional 60 shares in the last quarter. Carnegie Investment Counsel raised its holdings in MongoDB by 3.6% during the second quarter. Carnegie Investment Counsel now owns 1,803 shares of the company's stock worth $379,000 after purchasing an additional 62 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in MongoDB by 0.4% during the first quarter. Handelsbanken Fonder AB now owns 14,816 shares of the company's stock worth $2,599,000 after purchasing an additional 65 shares in the last quarter. New York Life Investment Management LLC raised its holdings in MongoDB by 6.2% during the second quarter. New York Life Investment Management LLC now owns 1,236 shares of the company's stock worth $260,000 after purchasing an additional 72 shares in the last quarter. Finally, Wedbush Securities Inc. raised its holdings in MongoDB by 2.6% during the first quarter. Wedbush Securities Inc. now owns 3,022 shares of the company's stock worth $530,000 after purchasing an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company's stock.

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.

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