Analysts, Traders Bullish Ahead of MongoDB's Report

The security has a solid history of post-earnings reactions

Digital Content Manager
Mar 6, 2024 at 12:22 PM
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Citigroup raised its price target on MongoDB Inc (NASDAQ:MDB) stock to $550 from $515, ahead of the software company's fourth-quarter earnings report, which is due out after the market close tomorrow. Shares are up 2.2% at $413.83 at last check, and are bouncing off the 100-day moving average after a pullback from their Feb. 9, two-year peak of $509.63. In the last 12 months, MDB added 84.8%.

MDB 100 Dya

The brokerage bunch is bullish, with 22 of the 27 firms in question calling the security a "buy" or better. Echoing this, the 12-month consensus target price of $471.73 is a 13.9% premium to current levels.

Options traders are also betting on a move higher, per MDB's 50-put put/call volume ratio of 1.30 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that stands higher than 91 % of readings from the last 12 months. This indicates calls have been getting picked up at a much faster-than-usual clip lately.

That optimism is not unfounded, since MongoDB stock has a solid post-earnings record. The shares finished five of its past eight post-earnings record higher, including a 28% gain in June. MDB averaged a move of 17% over the past two years, regardless of direction, but the options pits are pricing in a bigger-than-usual swing of 20.5% this time. 

 

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