When a stock is reviewed positively by an analyst, it usually gets at least a small bump in its price. That, sadly, wasn't the case with MongoDB (NASDAQ: MDB) on Thursday. The company's shares shed more than 3% of their value across the day, despite a glowing new note from a top American bank.
MongoDB is very much on the radar of Citigroup (NYSE: C) , whose analyst Tyler Radke designated it a top pick in the software segment. In a research note detailing the reasons why, Radke expressed admiration for the company's growth potential, writing that recent fundamentals bring "the focus back to its longer-term attractive growth story having one of the largest [total addressable markets] in software."
Many analysts are -- or, prior to Thursday, were -- very bullish on MongoDB. Earlier this month the company published its third quarter of fiscal 2023 results , which trounced analyst expectations for both revenue and profitability. In fact, the company's nearly $19 million ($0.23 per share) in non-GAAP (adjusted) net income was in sharp contrast to the average prognosticator estimate of a per-share loss of $0.17.
For further details see:
Why MongoDB Stock Fell Today Despite a Bullish Analyst Note