Premarket Movers | MongoDB Soars 22%; Credo Technology Surges 16%; Snowflake Gains 4%; IREN Drops 4%

MongoDB shares soared 22.1% in premarket trading after the database software maker announced third-quarter earnings that topped Wall Street estimates and issued a strong forecast.

Credo Technology shares surged 16.2% in premarket trading after the technology company posted fiscal second-quarter results and guidance that were well above Wall Street's forecast.

Snowflake shares gained 3.5% in premarket trading. Analysts have been raising price targets ahead of Snowflake’s Q3 results. Rosenblatt raised its price target to $275 and now expects 27% Q3 product revenue growth. Multiple firms, including Citi, Jefferies, BofA, RBC and BTIG, have lifted targets in recent weeks on AI-driven demand trends.

IREN shares sank 4.1% in premarket trading after the company announced its intention to offer $2 billion in convertible senior notes through a private placement to qualified institutional buyers.