monday.com (NASDAQ:MNDY) Stock Jumps 6.8% - Time to Buy?

Key Points

• monday.com shares rose 6.8% to about $93.43 in mid-day trading, though volume was 86% below the stock’s average daily volume.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $111.70; ratings include 12 Buys, 11 Holds, one Strong Buy, and one Sell.
• The company beat quarterly expectations with adjusted EPS of $1.48 versus $1.11 expected and revenue of $364.62 million, up 21.9% year over year.

monday.com Ltd. (NASDAQ:MNDY - Get Free Report) shares shot up 6.8% during mid-day trading on Thursday. The stock traded as high as $92.79 and last traded at $93.4270. 249,830 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,798,083 shares. The stock had previously closed at $87.47.

Analyst Upgrades and Downgrades

MNDY has been the subject of several research reports. Citigroup cut their price objective on monday.com from $154.00 to $132.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Wells Fargo & Company decreased their price objective on monday.com from $130.00 to $120.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Jefferies Financial Group reissued a "hold" rating and issued a $95.00 target price on shares of monday.com in a research report on Monday, August 10th. UBS Group upped their price objective on monday.com from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised shares of monday.com from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $111.70.

monday.com Price Performance

The business's 50-day simple moving average is $88.48 and its 200-day simple moving average is $80.13. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 1.91 and a beta of 1.14.

monday.com (NASDAQ:MNDY - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $1.48 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 for the quarter, compared to analyst estimates of $355.55 million. During the same quarter last year, the company earned $1.09 earnings per share. The business's revenue for the quarter was up 21.9% compared to the same quarter last year. As a group, sell-side analysts forecast that monday.com Ltd. will post 2.34 EPS for the current year.

Institutional Investors Weigh In On monday.com

Hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC raised its position in shares of monday.com by 60.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,312 shares of the company's stock worth $457,000 after purchasing an additional 2,373 shares during the period. Engineers Gate Manager LP raised its holdings in shares of monday.com by 29.5% during the second quarter. Engineers Gate Manager LP now owns 38,981 shares of the company's stock valued at $2,822,000 after buying an additional 8,891 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of monday.com during the second quarter worth approximately $5,098,000. Public Employees Retirement System of Ohio acquired a new stake in monday.com in the 2nd quarter valued at approximately $970,000. Finally, Plato Investment Management Ltd acquired a new position in shares of monday.com during the second quarter valued at $432,000. 73.70% of the stock is currently owned by hedge funds and other institutional investors.

monday.com Company Profile

monday.com Ltd. develops cloud-based software designed to help organizations plan, manage and track work. Its platform provides customizable workflows, visual boards, dashboards, automations and collaboration tools that teams can use to coordinate projects, processes and day-to-day operations.

The company offers a portfolio of products built on its Work Operating System, including monday work management for project and task coordination, monday CRM for sales and customer-management activities, monday dev for software-development teams and monday service for service-management workflows.

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