MongoDB Sinks on Downgrade

MongoDB (NASDAQ:MDB) The database platform provider’s stock was downgraded to “equal-weight” from “overweight” at Morgan Stanley. The firm said it is upbeat about MongoDB’s long-term prospects but predicts the company will be impacted in the near term by a cautious corporate spending environment.

MongoDB also announced last week it will report its third quarter fiscal year 2023 financial results for the three months ended October 31, , after the U.S. financial markets close on Tuesday, December 6.
Also last week, the company announced a number of new features and enhancements to its MongoDB University program from the stage of its annual local London developer conference. In addition to an enhanced experience for learners, the updated program will include an expanded catalog of courses, streamlined developer certifications, 24/7 exam access, hands-on Atlas labs, and foreign language support.

MongoDB is the developer data platform company empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. Headquartered in New York, MongoDB has more than 37,000 customers in over 100 countries. The MongoDB database platform has been downloaded over 300 million times and there have been more than 1.5 million registrations for MongoDB University courses.

MDB shares tumbled $10.51, or 6%, Monday morning to $149.37.