MongoDB, Rocket Lab stocks fly high after earnings, output forecast

Highlights

  • MongoDB, Inc. (NASDAQ: MDB) stock was up over 24% at 2:17 pm ET, while Rocket Lab USA Inc (NASDAQ: RKLB) stock soared 17.20% at 2:18 pm ET on Friday.
  • MongoDB, Inc’s revenue jumped by 44% year-over-year to US$198.7 million in Q2.
  • Rocket Lab stocks flew high after it announced this week to produce 2,000 reaction wheels annually to meet the growing demand. 

Stocks of MongoDB, Inc. (NASDAQ: MDB) and Rocket Lab USA, Inc. (NASDAQ: RKLB) were up more than 24% and 17%, respectively on Friday afternoon after the former reported solid Q2 earnings a day before and the latter announced plans to beef-up production at its facility. 

The MDB stock traded at US$501.24, up 24.80%, at 2:17 pm ET and the RKLB stock traded at US$13.63, up 17.20%, at 2:18 pm ET.

Here we explore the recent developments of the two companies. 

MongoDB, Inc. 

This New York-based technology company was founded in 2007. It provides a database platform to support software applications and performance, etc.

The company declared its Q2 fiscal 2022 results on Sep 2, 2021.

Its revenue was US$198.7 million, up 44% year-over-year, compared to US$138.3 million in the previous year. The net loss was US$77.13 million or US$(1.22) per diluted share compared to a net loss of US$64.54 million or US$(1.10) per diluted share in the July quarter of 2020. The company has over 29,000 customers worldwide.

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MongoDB has revised the guidance for Q3 and full fiscal 2022. It expects revenue to be between US$202.0 million and $204.0 million for Q3 and between US$805.0 million and $811.0 million for full FY 2022. It also expects non-GAAP net loss per share to be within US$(0.42) and US$(0.39) for the third quarter and US$(1.20) to US$(1.13) for the full year fiscal 2022.

Its liquidity reserves, including restricted cash, were US$1.8 billion as of July 31, 2021.

The company has a market cap of US$32.38 billion.

The stock closed at US$401.65 on Sep 2, 2021, with a trading volume of 1,186,767, four times more than the average volume on strong Q2 results.

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Source - pixabay

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Rocket Lab USA, Inc.

Founded in 2006 and headquartered in California, Rocket Lab provides end-to-end space service for defense, civil, and commercial purposes.

On Sep 1, the company announced to produce 2,000 reaction wheels annually at its facility to meet the growing demand of satellite constellation customers. The stock has been seeing traction since the announcement two days ago. The company had entered into a definitive merger agreement with Vector Acquisition Corporation (SPAC) on March 1 this year.

On August 20, Rocket Lab’s merger transaction with Vector was approved by Vector’s shareholders. The combined company was named Rocket Lab USA, Inc.

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The merger closed on August 25, 2021, and the company became a publicly traded company. On the same day, the stock started trading on NASDAQ under ticker symbol ‘RKLB’ for common stock and ‘RKLBW’ for warrants. The gross proceeds from the merger were US$777 million. The net loss applicable to common shareholders was US$1.06 million for the June quarter of 2021.

The company has delivered 105 satellites through its rocket launch vehicle. It has two launch sites: one in New Zealand and other in Virginia, US.

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Rocket Lab will declare its Q2 results on September 8. 

Bottomline 

The technology companies have witnessed solid growth in recent quarters. The tech segment of the S&P 500 index rose 24.26 percent YTD. Analysts expect the growth momentum to continue with the growing demand for various technology products.

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