monday.com (NASDAQ:MNDY) Sees Strong Trading Volume After Better-Than-Expected Earnings

Posted by Defense World Staff on Aug 16th, 2023

Shares of monday.com Ltd. (NASDAQ:MNDY – Get Free Report) saw unusually-strong trading volume on Monday following a better than expected earnings announcement. Approximately 540,760 shares changed hands during mid-day trading, a decline of 31% from the previous session’s volume of 783,959 shares.The stock last traded at $164.67 and had previously closed at $155.84.

The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.17 by $0.24. The company had revenue of $175.70 million for the quarter, compared to analyst estimates of $169.25 million. monday.com had a negative return on equity of 12.80% and a negative net margin of 14.81%. The firm’s revenue was up 42.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.01) earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MNDY shares. Oppenheimer increased their target price on shares of monday.com from $160.00 to $170.00 in a research note on Tuesday, May 16th. JPMorgan Chase & Co. lifted their target price on monday.com from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, August 9th. Canaccord Genuity Group lifted their price objective on shares of monday.com from $175.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Financial Group boosted their price objective on shares of monday.com from $150.00 to $180.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $215.00 target price (up previously from $200.00) on shares of monday.com in a report on Monday. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, monday.com presently has a consensus rating of “Moderate Buy” and an average price target of $196.56.

View Our Latest Stock Report on MNDY

Institutional Investors Weigh In On monday.com

Institutional investors have recently modified their holdings of the company. Hollencrest Capital Management acquired a new position in monday.com during the second quarter worth $26,000. Crewe Advisors LLC grew its stake in monday.com by 90.4% in the 2nd quarter. Crewe Advisors LLC now owns 158 shares of the company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new position in monday.com during the 2nd quarter valued at about $34,000. Quarry LP raised its position in monday.com by 192.0% during the first quarter. Quarry LP now owns 254 shares of the company’s stock worth $36,000 after acquiring an additional 167 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of monday.com by 26.8% in the fourth quarter. Advisors Asset Management Inc. now owns 383 shares of the company’s stock valued at $47,000 after purchasing an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 76.37% of the company’s stock.

monday.com Trading Down 3.5 %

The firm has a market capitalization of $7.21 billion, a PE ratio of -87.75 and a beta of 0.77. The stock’s 50 day moving average price is $171.57 and its two-hundred day moving average price is $152.47.

About monday.com

(Get Free Report)

monday.com Ltd., together with its subsidiaries, develops software applications in the United States, Europe, the Middle East, Africa, and internationally. It 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.