Spotify’s stock soared by nearly 17% after the company exceeded expectations in its latest earnings report and provided optimistic guidance for the upcoming quarter. The stock reached a 52-week high, with shares rising 16.8% to $318 per share during afternoon trading. The audio streaming giant has implemented price increases within the past year to enhance revenue and improve margins.
Database software company MongoDB’s shares experienced a significant increase of 6% following a positive analyst report by Loop Capital. The upgrade to a Buy rating and the assignment of a price target of $415 indicate a potential 15% upside for the stock. This news suggests that the market views the company’s future prospects optimistically, as evidenced by the recent strong first-quarter results that surpassed expectations. However, it is important to note that MongoDB’s stock has historically exhibited volatility, with notable price fluctuations in the past year, including a gain of 16.5% on news of a strong quarter last year. Despite the recent gains, MongoDB’s stock remains below its 52-week high, providing investors with a potential entry point.
