monday.com (NASDAQ:MNDY) Stock Price Down 6.4% – Here’s What Happened

monday.com Ltd. (NASDAQ:MNDY) shares dropped 6.4% during mid-day trading on Wednesday . The company traded as low as $130.34 and last traded at $130.3450. Approximately 1,858,966 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 1,400,537 shares. The stock had previously closed at $139.22.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MNDY shares. JPMorgan Chase & Co. dropped their price objective on monday.com from $285.00 to $230.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. UBS Group set a $202.00 target price on shares of monday.com in a research report on Tuesday, November 11th. Needham & Company LLC restated a “buy” rating and issued a $250.00 price target on shares of monday.com in a research report on Thursday, September 18th. DA Davidson decreased their price objective on shares of monday.com from $275.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Jefferies Financial Group cut their target price on shares of monday.com from $300.00 to $260.00 and set a “buy” rating for the company in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $257.39.

monday.com Price Performance

The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 105.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.26. The stock has a 50-day moving average of $152.62 and a 200 day moving average of $196.61.

monday.com (NASDAQ:MNDY) last issued its earnings results on Monday, November 10th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.27. The company had revenue of $316.86 million for the quarter, compared to analyst estimates of $312.26 million. monday.com had a net margin of 5.58% and a return on equity of 5.99%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 EPS. Sell-side analysts anticipate that monday.com Ltd. will post 0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MNDY. NewEdge Advisors LLC grew its stake in shares of monday.com by 2,120.0% during the first quarter. NewEdge Advisors LLC now owns 111 shares of the company’s stock worth $27,000 after purchasing an additional 106 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of monday.com by 0.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,921 shares of the company’s stock worth $28,674,000 after buying an additional 485 shares during the period. Rhumbline Advisers increased its stake in shares of monday.com by 6.4% in the 1st quarter. Rhumbline Advisers now owns 11,232 shares of the company’s stock valued at $2,731,000 after acquiring an additional 671 shares during the last quarter. Parallel Advisors LLC raised its position in shares of monday.com by 130.9% in the 2nd quarter. Parallel Advisors LLC now owns 598 shares of the company’s stock valued at $188,000 after acquiring an additional 339 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of monday.com in the 2nd quarter valued at approximately $243,000. Institutional investors and hedge funds own 73.70% of the company’s stock.

About monday.com

monday.com is a software-as-a-service (SaaS) company that provides a cloud-based Work Operating System (Work OS) designed to help teams plan, organize and track their work. The platform offers customizable workflows that support project management, task delegation, time tracking and collaboration across departments. monday.com’s visual interface enables users to create boards, automations and dashboards to centralize information and streamline processes without requiring extensive coding knowledge.

The company’s product portfolio includes monday Work OS, which can be adapted for use cases ranging from marketing campaign management and sales pipelines to software development sprints and human resources onboarding.