Israeli work operating system company monday.com (Nasdaq: MNDY) share price was seesawing at the end of last week on Wall Street, falling 3.3% on Thursday and rising 3.3% on Friday to $225, giving a market cap of $11 billion. The volatility followed a report calling to short monday.com by US hedge fund researcher Hedgeye Risk management. Hedgeye sees a 30% downside in monday.com over the next 9-12 months.
Hedgeye said, "Monday.com has experienced significant growth in its core offering, achieving a 27% CAGR over four years and serving over 225,000 customers as of 2023. However, the company's attempts to expand into new areas, such as CRM and developer-focused products, have had limited success, with low penetration rates and integration challenges."
monday.com was cofounded by co-CEOs Eran Zinman and Roy Mann. According to "The Wall Street Journal" most of the analysts covering the company's share have a positive recommendation and only one analyst has an "Underperform' recommendation. The average price target of the analysts covering the share is $261, 16% above monday.com's current share price on Nasdaq.
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2024.
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