Short seller Hedgeye sees 30% downside in monday.com

monday.com co-CEOs eran Zinman and Roy Mann credit: Netanel Tobias
monday.com co-CEOs eran Zinman and Roy Mann credit: Netanel Tobias

The US hedge fund researcher is out of step with the analysts covering the Israeli work operating system company, which see an upside in monday.com.

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.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

monday.com co-CEOs eran Zinman and Roy Mann credit: Netanel Tobias
monday.com co-CEOs eran Zinman and Roy Mann credit: Netanel Tobias
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