MongoDB Sees Unusually Large Options Volume (NASDAQ:MDB)

Key Points

• MongoDB saw unusually heavy options activity, with traders buying 23,831 put options on Wednesday — about 2,157% above the normal volume.
• The stock was down 1.9% and recently traded around $302.94, while its latest earnings beat expectations with EPS of $1.65 on revenue of $695.07 million, up 26.8% year over year.
• Analysts remain cautiously positive overall, with a consensus rating of Moderate Buy and an average price target of $363.58, though several firms have recently cut their targets.

MongoDB, Inc. (NASDAQ:MDB - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 23,831 put options on the stock. This is an increase of 2,157% compared to the typical volume of 1,056 put options.

MongoDB Stock Down 1.9%

Shares of MDB opened at $302.94 on Thursday. The firm has a market cap of $24.35 billion, a PE ratio of -344.25 and a beta of 1.48. The company's fifty day moving average is $260.14 and its two-hundred day moving average is $336.15. MongoDB has a fifty-two week low of $182.43 and a fifty-two week high of $444.72.

MongoDB (NASDAQ:MDB - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.47 by $0.18. The company had revenue of $695.07 million for the quarter, compared to analyst estimates of $669.40 million. MongoDB had a negative net margin of 2.89% and a negative return on equity of 1.03%. MongoDB's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter last year, the business earned $1.28 EPS. As a group, equities research analysts anticipate that MongoDB will post -0.46 earnings per share for the current year.

Insider Activity at MongoDB

In other MongoDB news, Director Dwight A. Merriman sold 2,000 shares of MongoDB stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $290.06, for a total value of $580,120.00. Following the completion of the sale, the director directly owned 1,003,316 shares of the company's stock, valued at approximately $291,021,838.96. The trade was a 0.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,566 shares of MongoDB stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $249.33, for a total transaction of $390,450.78. Following the completion of the sale, the director directly owned 24,093 shares of the company's stock, valued at $6,007,107.69. The trade was a 6.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,566 shares of company stock valued at $3,875,011 over the last ninety days. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MongoDB

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of MongoDB by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 8,985,697 shares of the company's stock valued at $2,788,981,000 after acquiring an additional 431,382 shares in the last quarter. ValueAct Holdings L.P. lifted its holdings in shares of MongoDB by 206.8% during the 3rd quarter. ValueAct Holdings L.P. now owns 2,118,200 shares of the company's stock valued at $657,447,000 after acquiring an additional 1,427,700 shares in the last quarter. State Street Corp lifted its holdings in shares of MongoDB by 2.3% during the 4th quarter. State Street Corp now owns 1,796,847 shares of the company's stock valued at $754,119,000 after acquiring an additional 40,219 shares in the last quarter. Amundi lifted its holdings in shares of MongoDB by 61.3% during the 3rd quarter. Amundi now owns 1,483,396 shares of the company's stock valued at $477,550,000 after acquiring an additional 563,995 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of MongoDB by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,444,384 shares of the company's stock valued at $604,429,000 after acquiring an additional 9,693 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC lowered their target price on shares of MongoDB from $500.00 to $300.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $340.00 target price (down from $400.00) on shares of MongoDB in a research note on Tuesday, March 3rd. Robert W. Baird reaffirmed a "neutral" rating and issued a $260.00 target price (down from $500.00) on shares of MongoDB in a research note on Tuesday, March 3rd. Weiss Ratings cut shares of MongoDB from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, April 29th. Finally, Barclays lowered their target price on shares of MongoDB from $440.00 to $370.00 and set an "overweight" rating for the company in a research note on Tuesday, March 3rd. Twenty-six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $363.58.

About MongoDB

MongoDB, Inc is a software company best known for developing MongoDB, a general-purpose, document-oriented database designed for modern application development. The company's platform is built to support high-performance, scalable data storage and retrieval for use cases such as cloud-native applications, mobile backends, real-time analytics, and content management. MongoDB offers a mix of open-source software, commercial server distributions, and subscription-based services that include technical support, training and professional services.

The company traces its origins to 2007 when it was founded as 10gen by Dwight Merriman and Eliot Horowitz; it later adopted the MongoDB name and completed a public listing in 2017.

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