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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

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