monday.com (NASDAQ:MNDY) Stock Price Down 6.3% – What’s Next?

Shares of monday.com Ltd. (NASDAQ:MNDY) dropped 6.3% during mid-day trading on Tuesday . The stock traded as low as $254.77 and last traded at $256.14. Approximately 1,024,470 shares traded hands during trading, an increase of 41% from the average daily volume of 727,135 shares. The stock had previously closed at $273.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MNDY shares. DA Davidson reaffirmed a “neutral” rating and set a $300.00 price target on shares of monday.com in a research report on Tuesday, November 12th. Barclays lifted their price target on shares of monday.com from $300.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, October 1st. Oppenheimer increased their target price on monday.com from $275.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Piper Sandler reissued an “overweight” rating and issued a $350.00 price objective on shares of monday.com in a research note on Wednesday. Finally, KeyCorp lowered shares of monday.com from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Six analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $309.62.

monday.com Trading Down 3.1 %

The company has a market cap of $10.85 billion, a P/E ratio of 548.02, a PEG ratio of 7.75 and a beta of 1.25. The stock’s 50 day moving average is $283.18 and its 200-day moving average is $258.47.

monday.com (NASDAQ:MNDY) last issued its quarterly earnings data on Monday, November 11th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.61 by $0.24. monday.com had a return on equity of 4.99% and a net margin of 2.39%. The company had revenue of $251.00 million during the quarter, compared to analyst estimates of $246.17 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. monday.com’s revenue was up 49.5% compared to the same quarter last year. As a group, sell-side analysts forecast that monday.com Ltd. will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in monday.com in the third quarter worth $43,000. Ridgewood Investments LLC purchased a new stake in monday.com during the 2nd quarter valued at about $45,000. Gilliland Jeter Wealth Management LLC boosted its position in monday.com by 72.9% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company’s stock valued at $58,000 after buying an additional 102 shares during the last quarter. Toronto Dominion Bank purchased a new stake in shares of monday.com in the 2nd quarter valued at $120,000. Finally, Vestcor Inc grew its position in monday.com by 31.4% during the 3rd quarter. Vestcor Inc now owns 519 shares of the company’s stock worth $144,000 after purchasing an additional 124 shares during the period. Institutional investors own 73.70% of the company’s stock.

About monday.com

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.