MongoDB Stock Soars to 52-Week High After Earnings—and AI Isn’t Even Helping Yet

MongoDB raised its full-year financial guidance on Monday as the AI boom boosts demand for its software. (Dreamstime)

Key Points

• MongoDB stock surged after raising its full-year earnings guidance by over one dollar per share.
• The company now expects annual adjusted earnings of $4.76 to $4.80 per share, up from previous guidance of $3.64 to $3.73 per share.
• Third-quarter adjusted earnings were $1.32 on revenue of $628.3 million, exceeding analyst expectations.

MongoDB stock soared to a new recent high on Tuesday after the document database company impressed Wall Street by raising its full-year earnings forecast by more than $1 a share.

MongoDB stock surged 23% to $405.61 at 12:56 p.m. Tuesday, a new 52-week high, while the S&P 500 was up 0.1%. The stock’s record high of $585.03 was set on Nov. 16, 2021.

Analysts were raising their price targets on the stock after MongoDB posted better-than-expected third-quarter earnings after the bell on Monday. The company also hiked its outlook for the current fiscal year as the artificial-intelligence boom stokes demand. The company now expects annual adjusted earnings of $4.76 to $4.80 a share, compared with previous guidance of $3.64 to $3.73 a share.

The surprising part: AI did little, if anything, to boost Mongo’s results. Analysts from Truist, BMO, and Macquarie noted that most AI tools are just beginning to be rolled out, and have not contributed to sales yet. “We attribute MDB’s robust growth trend to strength in its core business, while adoption of MDB’s AI tech (vector search, re-ranking and embedding models) isn’t significant enough yet to boost results,” writes Macquarie analyst Steve Koenig, who rates the stock a Neutral with a $385 price target, up from $305. “MDB’s aspirations to sell its AI tech to enterprises and AI-natives look fair, but the opportunity still looks nascent to us, and the strength of its AI product position largely unproven.”

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But just because AI hasn’t boosted business yet, doesn’t mean it won’t. Cantor analyst Thomas Blakey, who rates shares at Overweight, wrote and raised his price target to $454 from $406, believes artificial intelligence will end up being a big driver of sales. “The AI tailwind, in our view, continues to not be fully priced into shares even at recently expanded multiples,” he writes. “[We] see multiple levers of optionality for MDB shares from future beat-and-raise prints.” His new price target projects that MongoDB will trade at 13-times its revenue for 2026.

Barclays analyst Raimo Lenschow increased his call to $415 from $390 on Tuesday, while standing by an Overweight rating.

For the third quarter, MongoDB reported adjusted earnings of $1.32, as revenue rose 19% from a year ago to $628.3 million. Analysts were expecting earnings of 81 cents a share on revenue of $593.9 million.

Even before Tuesday’s move, the stock was on a good run in 2025. MongoDB shares have jumped 41% this year, powered higher by the AI boom and a belief that the company can defend moves on its database territory from rivals Snowflake and Databricks. The S&P 500 is up 16% in 2025.

Write to George Glover at george.glover@dowjones.com