Tech Favorite MongoDB May Have Room to Run Even After a 129% Rally
- Stock joins rank of technology firms outperforming post-IPO
- Database-platform company rallies as hedge funds take stakes
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Traders are digging in on what seems to be technology’s latest gem: MongoDB Inc. But the New York-based database-software company is more than its 129 percent rally this year. So what’s the secret sauce?
“They have a different architecture, and that’s what’s really fueling their business,” Needham analyst Jack Andrews said in an interview. Shares are extending the record, rising as much as 2.7 percent to $68.24 intraday.