monday.com Ltd. (MNDY): Street Finally Waking Up

T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in monday.com Ltd. (NASDAQ:MNDY). The institutional investor has increased its shareholding in the Technology company by 3.22% to 1.35 million shares with purchase of 42128.0 shares. This fresh investment now brings its stake to 2.83% valued currently at $164.75 million. In addition, ArrowMark Colorado Holdings LLC raised its holdings by 0.18 million to 0.78 million shares.

With over 2.0 million monday.com Ltd. (MNDY) shares trading Monday and a closing price of $150.75 on the day, the dollar volume was approximately $301.03 million. The shares have shown a positive half year performance of 50.34% and its price on 05/22/23 gained nearly 0.65%. Currently, there are 47.91M common shares owned by the public and among those 30.58M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for MNDY have a consensus price objective of $184.19. The analysts have set the share’s price value over the next 12 months at a high of $240.00 and a low of $150.00. The average price target is 19.52% above its recent price level and a downside to the estimated low will see the stock lose -0.5% over that period. But an upside of 37.19% will see the stock hit the forecast high price target while median target price for the stock is $180.00.

The top 3 mutual fund holders in monday.com Ltd. are T Rowe Price New Horizons Fund, Franklin DynaTech Fund, and Allianz Global Investors Fund – A. T Rowe Price New Horizons Fund owns 2.06 million shares of the company’s stock, all valued at over $251.57 million. The company bought an additional 1.1 million shares recently to bring their total holdings to about 4.32% of the shares outstanding. Allianz Global Investors Fund – A now owns shares totaling to 1.39% of the shares outstanding.

Shares of monday.com Ltd. (NASDAQ: MNDY) opened at $149.71, down -$0.07 from a prior closing price of $149.78. However, the script later moved the day high at 156.28, up 0.65%. The company’s stock has a 5-day price change of -1.34% and 2.27% over the past three months. MNDY shares are trading 23.57% year to date (YTD), with the 12-month market performance up to 33.66% higher. It has a 12-month low price of $73.58 and touched a high of $171.89 over the same period. MNDY has an average intraday trading volume of 767.08K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.65%, 13.82%, and 22.73% respectively.

Institutional ownership of monday.com Ltd. (NASDAQ: MNDY) shares accounts for 61.90% of the company’s 47.91M shares outstanding. Mutual fund holders own 10.64%, while other institutional holders and individual stakeholders account for 19.38% and — respectively.

It has a market capitalization of $7.21B. The earnings-per-share (ttm) stands at -$1.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.96% over the week and 4.95% over the month.

Analysts forecast that monday.com Ltd. (MNDY) will achieve an EPS of $0.17 for the current quarter, $0.16 for the next quarter and $0.93 for 2024. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.23. Comparatively, EPS for the current quarter was -$0.33 a year ago. Earnings per share for the fiscal year are expected to increase by 6.30%, and 46.85% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate monday.com Ltd. (MNDY) as a “Strong Buy” at a consensus score of 1.90. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 2 of the 17 advise that investors “hold,” and 0 rated it as a “Sell.”