Monday.com (MNDY) Falls to New Low as Price Target Lowered Significantly

We recently published 10 Stocks Collapse Overnight. monday.com Ltd. (NASDAQ:MNDY) is one of the best-performing stocks on Monday.

monday.com fell to a new all-time low on Monday as investors took path from an investment firm’s significant price downgrade for its stock.

At intra-day trading, the company fell to an all-time low of $173.2 before paring losses to end the day just down by 29.8 percent at $174.13.

In a market note, Needham & Company reduced its price target on monday.com Ltd. (NASDAQ:MNDY) by 37 percent to $250 from $400 previously. Still, the new price marks a 43-percent upside potential from its latest closing price.

Needham also maintained a “buy” recommendation for the stock.

According to the investment firm, the revision was based on monday.com Ltd.’s (NASDAQ:MNDY) second quarter earnings results which fell below expectations.

In its updated report, monday.com Ltd. (NASDAQ:MNDY) dropped its net income by 89 percent to $1.57 million from $14.3 million in the same period last year. Revenues, on the other hand, increased by 26.7 percent to $299 million from $236 million year-on-year.

For the third quarter, monday.com Ltd. (NASDAQ:MNDY) is targeting $311 million to $313 million in revenues, or a 24-percent year-on-year growth.

For the full year, revenues were targeted at $1.224 billion to $1.229 billion, higher than the $1.22 billion to $1.226 billion as projected previously.

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