- Brokers Baird, Barclays and Stifel have revised down their target prices for Mongo DB.
- Mongo DB records a 25% drop in its share price today.
The Nasdaq 100 began the European session reaching a high of the day at 18,609, however, it found sellers who took the index into negative territory, marking a low of the day at 18,190 during the American session. Currently, the Nasdaq 100 is trading at 18,226, losing 1.75% on the day.
Mongo DB is trading down, losing 25% on the day
Investment banking and brokerage firm Stifel has revised down its target price for Mongo DB, setting it at $300 from $435. The company has maintained its buy recommendation on the stock despite the adjustment made. Baird, a private equity firm, has also revised Mongo DB's price target downward, setting it at $305 from $450 citing weak consumer trends. Finally, Barclays joined the bearish outlook on Mongo DB by reducing its price target to $290 from $458.
Mongo DB is a leading company in the database sector. However, these revisions have caused a 25% drop in its share price today. Currently Mongo DB is trading at 231.82, losing 25.30% daily.
Technical levels on the Nasdaq 100
The first resistance in the medium term is at 18,945, the maximum reached on May 23. We see the closest support at 18,000, a number closed in confluence with the 50% Fibonacci retracement. The next support is at 17,450 given by the May 2 low, converging with the retracement to the 78.6% Fibonacci retracement.
Nasdaq 100 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
