New York City-based MongoDB Inc. (MDB) is a premier modern, general-purpose database platform built to unleash the potential of software and data for developers and the applications they create. The recent tech selloff owing to looming interest rate hikes has caused the stock to slump in price. The company's shares have dipped nearly 37.7% over the past three months and 25.9% over the past month to close yesterday's trading session at $316.49.
In addition, the tech industry's strong growth prospects are fueling intense competition among existing and new players. This has led the shares of various industry players, including MDB, to hit valuations that are not justified by their existing or anticipated financial performance.
