monday.com (NASDAQ:MNDY) Stock Price Down 4.3% – What’s Next?

monday.com Ltd. (NASDAQ:MNDY)’s stock price traded down 4.3% during mid-day trading on Wednesday . The company traded as low as $252.39 and last traded at $253.43. 146,674 shares changed hands during trading, a decline of 84% from the average session volume of 897,989 shares. The stock had previously closed at $264.92.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. William Blair reaffirmed an “outperform” rating on shares of monday.com in a research report on Wednesday, December 18th. Scotiabank cut their target price on shares of monday.com from $325.00 to $300.00 and set a “sector outperform” rating on the stock in a report on Thursday, January 16th. KeyCorp cut shares of monday.com from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Citigroup upgraded shares of monday.com from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $302.00 to $298.00 in a research note on Thursday, January 16th. Finally, Cantor Fitzgerald began coverage on shares of monday.com in a research note on Friday, January 17th. They set an “overweight” rating and a $292.00 target price for the company. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $310.68.

monday.com Stock Down 3.3 %

The stock’s fifty day simple moving average is $253.17 and its 200-day simple moving average is $260.00. The company has a market capitalization of $11.68 billion, a PE ratio of 589.90, a PEG ratio of 6.20 and a beta of 1.30.

monday.com (NASDAQ:MNDY) last released its quarterly earnings data on Monday, November 11th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.24. The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $246.17 million. monday.com had a return on equity of 4.99% and a net margin of 2.39%. monday.com’s quarterly revenue was up 49.5% on a year-over-year basis. During the same period last year, the business posted $0.15 EPS. Analysts expect that monday.com Ltd. will post 0.85 EPS for the current year.

Hedge Funds Weigh In On monday.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its position in shares of monday.com by 11.1% during the 2nd quarter. Bank of Montreal Can now owns 14,601 shares of the company’s stock worth $3,523,000 after purchasing an additional 1,464 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in monday.com by 19.6% during the second quarter. The Manufacturers Life Insurance Company now owns 12,355 shares of the company’s stock worth $2,975,000 after buying an additional 2,023 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of monday.com by 23.0% in the second quarter. Mackenzie Financial Corp now owns 1,981 shares of the company’s stock worth $477,000 after acquiring an additional 371 shares during the last quarter. Truist Financial Corp lifted its position in shares of monday.com by 4.1% in the second quarter. Truist Financial Corp now owns 4,993 shares of the company’s stock valued at $1,202,000 after acquiring an additional 195 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of monday.com in the second quarter valued at $285,000. Institutional investors and hedge funds own 73.70% of the company’s stock.

About monday.com

monday.com Ltd., together with its subsidiaries, develops software applications in the United States, Europe, the Middle East, Africa, the United Kingdom, and internationally. The company provides Work OS, a cloud-based visual work operating system that consists of modular building blocks used and assembled to create software applications and work management tools.