monday.com (NASDAQ:MNDY) Stock Price Down 6.4% – Time to Sell?

monday.com Ltd. (NASDAQ:MNDY) shares were down 6.4% during mid-day trading on Monday. The stock traded as low as $76.71 and last traded at $78.2910. 245,230 shares changed hands during trading, a decline of 87% from the average session volume of 1,847,236 shares. The stock had previously closed at $83.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BTIG Research reissued a “buy” rating and issued a $105.00 target price on shares of monday.com in a research note on Monday, August 10th. Wolfe Research cut shares of monday.com from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, August 11th. UBS Group increased their price target on monday.com from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Wells Fargo & Company cut their price objective on monday.com from $130.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of monday.com in a research note on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine 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 has a consensus rating of “Moderate Buy” and an average target price of $117.91.

monday.com Price Performance

The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 1.96 and a beta of 1.15. The business’s 50-day moving average price is $88.55 and its 200 day moving average price is $79.31.

monday.com (NASDAQ:MNDY) last released its quarterly 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 9.09%. The firm had revenue of $364.62 million for the quarter, compared to the consensus estimate of $355.55 million. During the same quarter in the previous year, the firm posted $1.09 EPS. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. As a group, sell-side analysts expect that monday.com Ltd. will post 2.25 earnings per share for the current year.

Institutional Trading of monday.com

A number of hedge funds and other institutional investors have recently modified their holdings of MNDY. Capital World Investors raised its stake in monday.com by 91.4% during the fourth quarter. Capital World Investors now owns 3,286,461 shares of the company’s stock valued at $484,950,000 after buying an additional 1,569,198 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of monday.com by 93.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,181,990 shares of the company’s stock valued at $150,797,000 after acquiring an additional 1,052,900 shares during the last quarter. Norges Bank bought a new stake in shares of monday.com in the 4th quarter valued at approximately $79,789,000. RPD Fund Management LLC bought a new stake in shares of monday.com in the 1st quarter valued at approximately $17,529,000. Finally, BNP Paribas Financial Markets raised its position in shares of monday.com by 1,517.6% during the 4th quarter. BNP Paribas Financial Markets now owns 172,016 shares of the company’s stock valued at $25,383,000 after acquiring an additional 161,382 shares in the last quarter. 73.70% of the stock is owned by hedge funds and other institutional investors.

About monday.com

monday.com Ltd. is a software company that provides cloud-based work management and productivity solutions for organizations of various sizes. Its platform is designed to help teams plan projects, manage workflows, coordinate tasks, track progress and collaborate across departments.

The company’s product portfolio includes monday work management, monday CRM, monday dev and monday service. These products support functions such as project and portfolio management, customer relationship management, software development, IT service management and business process automation.