monday.com (NASDAQ:MNDY) Trading Up 7.3% – What’s Next?

monday.com Ltd. (NASDAQ:MNDY)’s share price traded up 7.3% during mid-day trading on Monday . The company traded as high as $94.88 and last traded at $93.1570. 258,677 shares changed hands during trading, a decline of 86% from the average session volume of 1,895,417 shares. The stock had previously closed at $86.84.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MNDY shares. Piper Sandler reissued a “neutral” rating and issued a $90.00 price target on shares of monday.com in a research note on Monday, August 10th. Wolfe Research cut shares of monday.com from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, August 11th. Citigroup cut their price objective on shares of monday.com from $154.00 to $132.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Tigress Financial decreased their target price on shares of monday.com to $165.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of monday.com in a report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, monday.com has a consensus rating of “Moderate Buy” and an average target price of $117.91.

monday.com Trading Down 2.1%

The firm has a fifty day moving average price of $87.67 and a 200 day moving average price of $78.67. The firm has a market cap of $4.81 billion, a PE ratio of 40.02, a price-to-earnings-growth ratio of 2.25 and a beta of 1.15.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings data on Monday, August 10th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.37. monday.com had a net margin of 8.87% and a return on equity of 9.09%. The firm had revenue of $364.62 million during the quarter, compared to analyst estimates of $355.55 million. During the same quarter in the prior year, the firm posted $1.09 earnings per share. monday.com’s quarterly revenue was up 21.9% on a year-over-year basis. As a group, equities analysts predict that monday.com Ltd. will post 2.25 earnings per share for the current year.

Institutional Trading of monday.com

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors boosted its position in shares of monday.com by 91.4% during the 4th quarter. Capital World Investors now owns 3,286,461 shares of the company’s stock worth $484,950,000 after acquiring an additional 1,569,198 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of monday.com by 93.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,181,990 shares of the company’s stock valued at $150,797,000 after acquiring an additional 1,052,900 shares during the last quarter. Norges Bank acquired a new stake in shares of monday.com during the 4th quarter worth about $79,789,000. RPD Fund Management LLC acquired a new stake in shares of monday.com during the 1st quarter worth about $17,529,000. Finally, BNP Paribas Financial Markets lifted its stake in monday.com by 1,517.6% during the fourth quarter. BNP Paribas Financial Markets now owns 172,016 shares of the company’s stock worth $25,383,000 after purchasing an additional 161,382 shares during the last quarter. Institutional investors and hedge funds own 73.70% of the company’s stock.

About monday.com

monday.com Ltd. is a software company that provides cloud-based work management and productivity solutions for organizations of various sizes. Its platform is designed to help teams plan projects, manage workflows, coordinate tasks, track progress and collaborate across departments.

The company’s product portfolio includes monday work management, monday CRM, monday dev and monday service. These products support functions such as project and portfolio management, customer relationship management, software development, IT service management and business process automation.