US stock markets closed mixed on Monday, with the Nasdaq falling more than 50 points. While the Dow traded up, Monday.com’s stock plummeted after its earnings report. Financials and technology sectors saw significant movements, with Monday.com leading the decline. Other noteworthy movers include CERo Therapeutics and Canaan Inc., which surged due to positive developments. Meanwhile, European markets closed higher, and Asian markets closed mostly higher with mixed performances.
Despite exceeding revenue and earnings expectations, Monday.com’s stock price plummeted after its third-quarter 2024 earnings report. While the company celebrated strong growth metrics and a robust outlook, market sentiment appeared to be swayed by other factors.
Analysts have provided a mix of bullish and bearish perspectives on Monday.Com (MNDY) in the past three months. The average price target for the next 12 months is $246.15, with a high estimate of $280.00 and a low estimate of $190.00. Key insights from analysts include: David Hynes of Canaccord Genuity lowered his rating from Buy to Neutral, while Michael Berg of Wells Fargo initiated coverage with an Overweight rating. Jason Celino of Keybanc raised his price target twice, indicating growing confidence in the company’s prospects.
