MNDY stock has been on the rise for the past few months and its value is projected to rise even further. Accordingly, some analysts recommend buying its shares now and give it a Buy rating. But why is the stock's outlook so good? Let's find out.
Monday.com Ltd is a popular cloud-based platform that allows customers to build various applications. It also offers project management software. The founding team launched this project in 2014 and the company managed to raise $150 million in five years.
Lively successfullyThe firm went public in the summer of 2021, making its shares available to global investors. They can now buy MNDY on several stock exchanges. around the worldincluding the Nasdaq.
In addition, Monday.com expanded globally, creating teams in Tel Aviv, New York, Miami, San Francisco and Chicago, as well as Sydney, London and kyiv.
How is MNDY trading today?
MNDY stock price hit $262.18 on Wednesday, up 1.21% during the session. The company’s market cap is $13.05 billion, with a 52-week high of $265.97 and a 52-week low of $122.13 so far. In total, there are 49.78 million shares available for traders to trade.
The team recently reported a total income of 784.352M, which A substantial amount. Analysts believe that MNDY stock earnings will increase further in the coming months.
Its second quarter earnings report was also solid, showing strong earnings. As a result, more higher-paying companies partnered with this company to use its project management software.
Following these positive figures, Monday.com has revised its profit for the last quarter to a new figure of 94 cents per share, significantly exceeding the analysts' forecast of 56 cents.
However, there is still much work to be done. Co-CEO Eran Zinman said the company has launched its new generative ai features that help improve its product. This makes text extraction on the Monday platform much easier and more convenient.
In addition, the team automated customer service, which has helped its margins increase in recent months. Shortly after these changes, Monday.com announced that its revenue for fiscal year 2024 could be between $956 million and $961 million. If this forecast proves correct, it will represent year-over-year growth of almost 32%.
The team previously expected revenue to be between $942 million and $948 million, while analysts had set their target at $947.7 million.
MNDY/USD 5-day chart
What is the forecast for MNDY stock?
Most experts agree that Monday.com Ltd has great potential and that its stock value will skyrocket in the coming months. TD Cowen recently raised the target price on MNDY shares from The previous one Between $275 and $300, making it a buy.
Analysts note that Monday.com is successfully executing on its vision and has made significant progress with top-tier clients. TD Cowen even claimed that this stock is one of the best picks in the tech sector.
In addition, the company's solid business model and its effective strategy to attract more customers are attracting investors. As a result, the number of its shareholders is increasing. Monday.com has gained 80,000 jobs in the last quarter, which A remarkable achievement.
Add to this the new advanced features and it is no wonder that analysts are predicting that the company will achieve great success in the coming year. Its gross profit margin has already reached an impressive 88.9%, proving that the team is managing Shareholder returns were also substantial in the last quarter, reaching 24.17%.
In addition, the company currently has more equity than debt, which indicates its financial stability. Market participants expect net profit to grow further in 2024.
Is MNDY stock a buy or sell?
The consensus among top Wall Street analysts for MNDY stock is buy. On Monday, Goldman Sachs raised its target price for this stock to $340 from $300 previously, while also maintaining its buy rating. Meanwhile, analysts at DA Davidson have a Neutral rating but also raised their price targets.
Over the past month, the stock has seen 43% of green days. It has experienced only 16.05% price volatility over the same period. period of time. However, MNDY shares are now trading 10.85% below expectations, meaning the stock is slightly undervalued and now is a good time to buy.
According to analysts, the average price target is a 15.34% increase by 2024. The consensus rating on the stock based on 16 Wall Street analysts is a Strong Buy. Furthermore, monday.com Ltd. stock will soar to $538.00 if it maintains its current 10-year average growth rate. This This represents a growth of 148.01% compared to its current price.
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