MongoDB stock rebounds after CEO exit selloff

MongoDB Inc. stock climbed 5.5% in morning trading Wednesday, as the company recovered from a sharp selloff triggered by its chief executive's abrupt departure.

The gains followed Tuesday's decline after CEO Chirantan "CJ" Desai stepped down immediately to join Meta Platforms as Chief Enterprise Platform Officer. Former CEO Dev Ittycheria returned as interim chief while the board searches for a permanent replacement.

Evercore ISI reiterated its Outperform rating on the stock Wednesday with a $525 price target, while Guggenheim maintained its Buy rating and $560 price target.

MongoDB held its Investor Day on Sept. 29, where it announced the general availability of MongoDB 9.0, which delivers up to 35% faster query performance. The company also previewed Atlas Infinite and launched the Atlas Agent Engine, tools aimed at enterprise AI development.

The company reaffirmed its third-quarter and full-year fiscal 2027 guidance. MongoDB projected third-quarter revenue of $756 million to $761 million, above analyst consensus estimates.

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