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Strength Seen in Monday.com (MNDY): Can Its 9.3% Jump Turn into More Strength?
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Monday.com (MNDY - Free Report) shares ended the last trading session 9.3% higher at $142. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.5% loss over the past four weeks.
The upswing in share price came after geeting an upgrade recommendation at DA Davidson, with a price target of $170 per share ahead of the company's earnings release on Nov 13.
This project management software developer is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +260%. Revenues are expected to be $182.42 million, up 33.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Monday.com, the consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MNDY going forward to see if this recent jump can turn into more strength down the road.
Monday.com is part of the Zacks Internet - Software industry. Splunk , another stock in the same industry, closed the last trading session 0.4% higher at $147.17. SPLK has returned -0.3% in the past month.
For Splunk, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.12. This represents a change of +34.9% from what the company reported a year ago. Splunk currently has a Zacks Rank of #2 (Buy).
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Strength Seen in Monday.com (MNDY): Can Its 9.3% Jump Turn into More Strength?
Monday.com (MNDY - Free Report) shares ended the last trading session 9.3% higher at $142. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.5% loss over the past four weeks.
The upswing in share price came after geeting an upgrade recommendation at DA Davidson, with a price target of $170 per share ahead of the company's earnings release on Nov 13.
This project management software developer is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +260%. Revenues are expected to be $182.42 million, up 33.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Monday.com, the consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MNDY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Monday.com is part of the Zacks Internet - Software industry. Splunk , another stock in the same industry, closed the last trading session 0.4% higher at $147.17. SPLK has returned -0.3% in the past month.
For Splunk, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.12. This represents a change of +34.9% from what the company reported a year ago. Splunk currently has a Zacks Rank of #2 (Buy).