monday.com (NASDAQ:MNDY) Shares Gap Down - Time to Sell?

monday.com Ltd. (NASDAQ:MNDY - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $324.31, but opened at $269.00. monday.com shares last traded at $266.01, with a volume of 1,274,509 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently commented on MNDY. UBS Group boosted their price objective on shares of monday.com from $240.00 to $280.00 and gave the company a "neutral" rating in a research note on Tuesday, August 13th. Bank of America lifted their target price on shares of monday.com from $280.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, August 13th. Piper Sandler lifted 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. Capital One Financial started coverage on shares of monday.com in a research report on Thursday, October 10th. They set an "overweight" rating and a $325.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on monday.com from $270.00 to $300.00 and gave the company an "overweight" rating in a report on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $306.60.

monday.com Stock Down 15.1 %

The stock's 50-day simple moving average is $279.07 and its 200 day simple moving average is $246.86. The firm has a market cap of $13.29 billion, a P/E ratio of 344.01, a PEG ratio of 15.22 and a beta of 1.31.

monday.com (NASDAQ:MNDY - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.23. The business had revenue of $236.11 million for the quarter, compared to analysts' expectations of $227.96 million. monday.com had a return on equity of 4.74% and a net margin of 4.88%. On average, research analysts forecast that monday.com Ltd. will post 0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of monday.com in the third quarter worth $43,000. Ridgewood Investments LLC acquired a new stake in shares of monday.com during the second quarter worth about $45,000. Gilliland Jeter Wealth Management LLC grew its stake in shares of monday.com by 72.9% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 242 shares of the company's stock worth $58,000 after purchasing an additional 102 shares during the period. Opal Wealth Advisors LLC acquired a new stake in monday.com in the 2nd quarter valued at $69,000. Finally, Industrial Alliance Investment Management Inc. boosted its stake in monday.com by 741.7% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 404 shares of the company's stock worth $91,000 after purchasing an additional 356 shares during the last quarter. 73.70% of the stock is owned by hedge funds and other institutional investors.

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.