monday.com (NASDAQ:MNDY) Stock Price Down 6.3% – Here’s Why

monday.com Ltd. (NASDAQ:MNDY) shares 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 were traded during mid-day trading, an increase of 41% from the average daily volume of 727,135 shares. The stock had previously closed at $273.33.

Wall Street Analysts Forecast Growth

MNDY has been the subject of several research reports. Citigroup increased their price target on monday.com from $296.00 to $327.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. TD Cowen boosted their price target on shares of monday.com from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird raised their price objective on shares of monday.com from $265.00 to $270.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. KeyCorp lowered shares of monday.com from an “overweight” rating to a “sector weight” rating in a research note on Friday. Finally, Piper Sandler increased their target price on monday.com from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Six analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, monday.com presently has a consensus rating of “Moderate Buy” and an average target price of $310.81.

monday.com Stock Down 7.9 %

The firm’s 50-day moving average is $285.80 and its 200-day moving average is $258.71. The company has a market capitalization of $12.16 billion, a PE ratio of 624.73, a price-to-earnings-growth ratio of 7.75 and a beta of 1.25.

monday.com (NASDAQ:MNDY) last posted its quarterly earnings results on Monday, November 11th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.61 by $0.24. The firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $246.17 million. monday.com had a net margin of 2.39% and a return on equity of 4.99%. The business’s revenue was up 49.5% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, equities research analysts predict that monday.com Ltd. will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in monday.com in the third quarter worth $43,000. Ridgewood Investments LLC purchased a new stake in shares of monday.com in the 2nd quarter worth about $45,000. Gilliland Jeter Wealth Management LLC grew its position in shares of monday.com by 72.9% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company’s stock worth $58,000 after buying an additional 102 shares during the period. Toronto Dominion Bank purchased a new position in monday.com during the 2nd quarter valued at about $120,000. Finally, Vestcor Inc lifted its position in monday.com by 31.4% during the 3rd quarter. Vestcor Inc now owns 519 shares of the company’s stock valued at $144,000 after acquiring an additional 124 shares during the period. 73.70% of the stock is currently owned by institutional investors.

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.