monday.com (NASDAQ:MNDY) Shares Gap Up – Here’s Why

monday.com Ltd. (NASDAQ:MNDY) gapped up before the market opened on Tuesday. The stock had previously closed at $93.42, but opened at $97.00. monday.com shares last traded at $97.2170, with a volume of 175,687 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered shares of monday.com from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $90.00 to $87.00 in a report on Tuesday, September 29th. Wolfe Research cut monday.com from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 11th. TD Cowen reiterated a “buy” rating and set a $110.00 price target on shares of monday.com in a research report on Tuesday, August 11th. Cantor Fitzgerald lowered monday.com from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $112.00 to $90.00 in a research report on Monday, August 10th. Finally, Wells Fargo & Company cut their price target on shares of monday.com from $130.00 to $120.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Twelve investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat, monday.com has a consensus rating of “Hold” and an average target price of $111.70.

monday.com Stock Performance

The company has a market cap of $5.12 billion, a PE ratio of 42.62, a PEG ratio of 2.28 and a beta of 1.14. The firm’s 50 day moving average is $89.21 and its 200-day moving average is $81.11.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results 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 return on equity of 9.09% and a net margin of 8.87%. The business had revenue of $364.62 million during the quarter, compared to analyst estimates of $355.55 million. During the same period in the prior year, the business earned $1.09 earnings per share. The business’s revenue was up 21.9% compared to the same quarter last year. On average, analysts predict that monday.com Ltd. will post 2.34 EPS for the current year.

Institutional Investors Weigh In On monday.com

A number of hedge funds have recently modified their holdings of MNDY. SEB Asset Management AB acquired a new position in shares of monday.com in the 1st quarter valued at $1,639,000. Swiss National Bank raised its position in monday.com by 28.6% in the 1st quarter. Swiss National Bank now owns 159,100 shares of the company’s stock valued at $10,995,000 after purchasing an additional 35,400 shares in the last quarter. Empowered Funds LLC lifted its stake in monday.com by 4,194.6% in the first quarter. Empowered Funds LLC now owns 14,430 shares of the company’s stock worth $997,000 after acquiring an additional 14,094 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of monday.com in the 1st quarter valued at approximately $1,534,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of monday.com in the 2nd quarter valued at $970,000. Hedge funds and other institutional investors own 73.70% of the company’s stock.

monday.com Company Profile

monday.com Ltd. is a software company that provides a cloud-based Work Operating System (Work OS) designed to help organizations manage projects, workflows and business operations. Its platform uses configurable boards, dashboards, automations, integrations and collaboration tools, enabling teams to organize work and build workflows without extensive software development.

The company offers products tailored to several business functions, including monday work management for project and task coordination, monday CRM for sales and customer relationship processes, monday dev for software development teams, and monday service for managing customer support and service operations.