Why Monday.com Shares Are Trading Higher Today

Monday.com Ltd MNDY is trading higher Wednesday after several analyst firms maintained bullish ratings on the stock and raised price targets following the company's better-than-expected second-quarter financial results.

Monday.com reported a quarterly earnings loss of 26 cents per share, which beat the estimate for a loss of $1 per share. The company reported quarterly revenue of $70.6 million, which beat the estimate of $62.11 million. 

Analyst Assessment: Needham analyst Scott Berg maintained Monday.com with a Buy rating and raised the price target from $265 to $350.

Oppenheimer analyst Patrick Trucchio maintained Monday.com with an Outperform rating and raised the price target from $260 to $340.

Canaccord Genuity analyst David Hynes maintained Monday.com with a Buy rating and raised the price target from $275 to $330.

Monday.com operates a project management tool that enables organizations to manage tasks, projects and teamwork.

Price Action: Monday.com is making a new 52-week high in trading today.

At last check Wednesday, the stock was up 10.70% at $337.73.