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

Key Points

• monday.com reported a stronger than expected earnings per share (EPS) of $1.09, significantly surpassing the consensus estimate of $0.84, alongside quarterly revenue of $299.01 million.
• Following the earnings report, the stock experienced a rise in trading volume with 860,080 shares changing hands, indicating increased investor interest.
• Analysts have adjusted their price targets for monday.com, with estimates ranging as high as $365.00 from Wells Fargo, although some estimates have decreased.

monday.com Ltd. (NASDAQ:MNDY - Get Free Report) saw strong trading volume on Tuesday following a stronger than expected earnings report. 860,080 shares were traded during mid-day trading, an increase of 2% from the previous session's volume of 844,020 shares.The stock last traded at $179.15 and had previously closed at $174.13.

The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.25. The business had revenue of $299.01 million during the quarter, compared to analysts' expectations of $293.60 million. monday.com had a net margin of 3.63% and a return on equity of 6.32%. The business's revenue was up 26.6% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share.

Analysts Set New Price Targets

MNDY has been the subject of several recent research reports. Wall Street Zen lowered shares of monday.com from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Baird R W raised shares of monday.com from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 6th. KeyCorp reissued an "overweight" rating and set a $330.00 target price on shares of monday.com in a research note on Monday. Bank of America reduced their price target on shares of monday.com from $340.00 to $240.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Morgan Stanley upgraded shares of monday.com from an "equal weight" rating to an "overweight" rating and reduced their price target for the company from $330.00 to $260.00 in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $305.18.

Hedge Funds Weigh In On monday.com

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Spire Wealth Management lifted its holdings in monday.com by 7.9% during the 1st quarter. Spire Wealth Management now owns 572 shares of the company's stock valued at $139,000 after purchasing an additional 42 shares during the last quarter. CWM LLC lifted its holdings in monday.com by 31.3% during the 2nd quarter. CWM LLC now owns 210 shares of the company's stock valued at $66,000 after purchasing an additional 50 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in monday.com by 32.7% during the 1st quarter. Farther Finance Advisors LLC now owns 211 shares of the company's stock valued at $55,000 after purchasing an additional 52 shares during the last quarter. Dakota Wealth Management lifted its holdings in monday.com by 3.0% during the 2nd quarter. Dakota Wealth Management now owns 1,793 shares of the company's stock valued at $564,000 after purchasing an additional 52 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its holdings in monday.com by 6.1% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 950 shares of the company's stock valued at $231,000 after purchasing an additional 55 shares during the last quarter. 73.70% of the stock is owned by institutional investors.

monday.com Trading Down 0.7%

The stock has a market capitalization of $8.92 billion, a P/E ratio of 237.49, a P/E/G ratio of 5.95 and a beta of 1.27. The firm's fifty day moving average is $276.72 and its 200-day moving average is $274.37.

monday.com Company Profile

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.