untitled design

Nasdaq 100 trades lower, dragged down by Mongo DB

  • 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

You may also like

How to make money on memcoins
Top News
David

How to make money on memcoins

The viral nature and attractive opportunity of easy money is what sets memcoins apart from other cryptocurrencies. These two factors

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular