monday.com (NASDAQ:MNDY) Stock Price Down 6.1% After Analyst Downgrade

monday.com Ltd. (NASDAQ:MNDY)’s stock price traded down 6.1% on Tuesday after BTIG Research lowered their price target on the stock from $115.00 to $105.00. BTIG Research currently has a buy rating on the stock. monday.com traded as low as $79.44 and last traded at $81.5470. 805,869 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 2,018,491 shares. The stock had previously closed at $86.84.

Several other brokerages have also recently issued reports on MNDY. Piper Sandler increased their target price on monday.com from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Barclays boosted their price target on monday.com from $95.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. UBS Group decreased their price objective on monday.com from $93.00 to $85.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Tigress Financial dropped their price objective on monday.com to $165.00 and set a “buy” rating on the stock in a research report on Friday, May 22nd. Finally, Guggenheim set a $130.00 target price on monday.com and gave the company a “buy” rating in a research note on Thursday, April 9th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.04.

Hedge Funds Weigh In On monday.com

Several hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC lifted its position in monday.com by 2,120.0% during the first quarter. NewEdge Advisors LLC now owns 111 shares of the company’s stock valued at $27,000 after purchasing an additional 106 shares during the period. Advisory Services Network LLC purchased a new position in shares of monday.com during the 3rd quarter valued at about $28,000. EverSource Wealth Advisors LLC raised its stake in shares of monday.com by 498.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 425 shares of the company’s stock valued at $29,000 after buying an additional 354 shares during the last quarter. Quarry LP acquired a new position in shares of monday.com in the 4th quarter valued at about $29,000. Finally, Abound Wealth Management acquired a new position in shares of monday.com in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 73.70% of the company’s stock.

monday.com Trading Down 6.1%

The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 35.41, a PEG ratio of 4.13 and a beta of 1.26. The company has a fifty day moving average price of $77.91 and a 200-day moving average price of $87.51.

monday.com (NASDAQ:MNDY) last announced its quarterly earnings results on Friday, March 13th. The company reported $1.15 earnings per share (EPS) for the quarter. monday.com had a net margin of 9.17% and a return on equity of 5.10%. The firm had revenue of $351.26 million for the quarter. As a group, research analysts forecast that monday.com Ltd. will post 1.59 earnings per share for the current fiscal year.

About monday.com

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.