monday.com (NASDAQ:MNDY) Shares Down 4.8% – Here’s What Happened

monday.com Ltd. (NASDAQ:MNDY)’s stock price dropped 4.8% on Friday . The company traded as low as $90.26 and last traded at $89.7790. 151,679 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,988,787 shares. The stock had previously closed at $94.29.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Tigress Financial reduced their price objective on shares of monday.com to $165.00 and set a “buy” rating on the stock 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 Thursday, June 11th. Wolfe Research downgraded monday.com from an “outperform” rating to a “peer perform” rating in a report on Tuesday. Wells Fargo & Company reduced their price target on monday.com from $130.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group restated a “hold” rating and set a $95.00 price objective on shares of monday.com in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $117.91.

monday.com Trading Down 4.2%

The company has a market cap of $4.62 billion, a price-to-earnings ratio of 38.43, a P/E/G ratio of 2.17 and a beta of 1.24. The stock’s 50 day moving average price is $80.67 and its 200 day moving average price is $78.52.

monday.com (NASDAQ:MNDY) last released its earnings results on Monday, August 10th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.37. monday.com had a net margin of 8.87% and a return on equity of 8.10%. The business had revenue of $364.62 million for the quarter, compared to analysts’ expectations of $355.55 million. During the same period last year, the company earned $1.09 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities analysts expect that monday.com Ltd. will post 2.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On monday.com

A number of large investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its stake in shares of monday.com by 2,120.0% during the 1st quarter. NewEdge Advisors LLC now owns 111 shares of the company’s stock valued at $27,000 after buying an additional 106 shares during the period. Advisory Services Network LLC purchased a new position in shares of monday.com in the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC raised its position in shares of monday.com by 498.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company’s stock worth $29,000 after buying an additional 354 shares during the period. Quarry LP purchased a new position in shares of monday.com in the 4th quarter worth $29,000. Finally, Huntington National Bank boosted its holdings in monday.com by 6,040.0% in the fourth quarter. Huntington National Bank now owns 307 shares of the company’s stock valued at $45,000 after acquiring an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 73.70% of the company’s stock.

monday.com Company Profile

monday.com is a software-as-a-service (SaaS) company that provides a cloud-based Work Operating System (Work OS) designed to help teams plan, organize and track their work. The platform offers customizable workflows that support project management, task delegation, time tracking and collaboration across departments. monday.com’s visual interface enables users to create boards, automations and dashboards to centralize information and streamline processes without requiring extensive coding knowledge.

The company’s product portfolio includes monday Work OS, which can be adapted for use cases ranging from marketing campaign management and sales pipelines to software development sprints and human resources onboarding.