monday.com (NASDAQ:MNDY) Shares Up 7.3% - Here's What Happened

Key Points

• monday.com shares rose 7.3% to about $93.16, although trading volume was 86% below the average session.
• Analyst views remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $117.91; recent firms have issued both upgrades and downgrades.
• The company’s latest quarterly results exceeded expectations, with adjusted EPS of $1.48 versus $1.11 expected and revenue of $364.62 million, up 21.9% year over year. Institutional investors own approximately 73.7% of the stock.

monday.com Ltd. (NASDAQ:MNDY - Get Free Report)'s stock price rose 7.3% on Monday . The company traded as high as $94.88 and last traded at $93.1570. Approximately 258,677 shares traded hands during trading, a decline of 86% from the average session volume of 1,895,417 shares. The stock had previously closed at $86.84.

Analyst Upgrades and Downgrades

MNDY has been the topic of a number of recent research reports. Wall Street Zen cut monday.com from a "buy" rating to a "hold" rating in a report on Saturday, September 5th. Tigress Financial decreased their price target on shares of monday.com to $165.00 and set a "buy" rating for the company in a research note on Friday, May 22nd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of monday.com in a research note on Tuesday, September 8th. UBS Group lifted their price objective on shares of monday.com from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald downgraded shares of monday.com from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $112.00 to $90.00 in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $117.91.

monday.com Price Performance

The company has a fifty day moving average of $87.20 and a 200-day moving average of $78.38. The firm has a market cap of $4.82 billion, a P/E ratio of 40.08, a P/E/G ratio of 2.03 and a beta of 1.15.

monday.com (NASDAQ:MNDY - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.37. The business had revenue of $364.62 million for the quarter, compared to analysts' expectations of $355.55 million. monday.com had a return on equity of 9.09% and a net margin of 8.87%.The business's revenue was up 21.9% on a year-over-year basis. During the same period last year, the business earned $1.09 EPS. On average, sell-side analysts expect that monday.com Ltd. will post 2.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. SEB Asset Management AB purchased a new position in shares of monday.com in the 1st quarter worth approximately $1,639,000. Swiss National Bank lifted its holdings in monday.com by 28.6% during the first quarter. Swiss National Bank now owns 159,100 shares of the company's stock worth $10,995,000 after acquiring an additional 35,400 shares during the period. Empowered Funds LLC boosted its position 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 purchasing an additional 14,094 shares during the last quarter. Arkadios Wealth Advisors bought a new position in monday.com in the 1st quarter valued at $1,534,000. Finally, Royal Bank of Canada grew its stake in monday.com by 88.7% in the 1st quarter. Royal Bank of Canada now owns 30,422 shares of the company's stock valued at $2,102,000 after purchasing an additional 14,300 shares during the period. 73.70% of the stock is owned by institutional investors.

About monday.com

monday.com Ltd. is a software company that provides cloud-based work management and productivity solutions for organizations of various sizes. Its platform is designed to help teams plan projects, manage workflows, coordinate tasks, track progress and collaborate across departments.

The company's product portfolio includes monday work management, monday CRM, monday dev and monday service. These products support functions such as project and portfolio management, customer relationship management, software development, IT service management and business process automation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.