140% Stock Run in 7 Months -- How High Can Monday.com Fly?
Shares of work collaboration software company Monday.com (NASDAQ: MNDY) have rocketed nearly 140% higher in the seven months since hitting their low in mid-Nov. 2022. Not for poor reasons, either. Despite a hypercompetitive niche that includes large enterprise software company and fellow upstart Asana, Monday.com has continued to grow its business at a rapid pace.
Better yet, Monday is also quickly scaling its profitability, which makes it a promising long-term stock. But is now the time to buy, despite the big surge in share price so far in 2023?
Monday.com's software provides a customizable interface that lets teams organize their workflows and collaborate with each other. This would seemingly be a tough sell right now, what with all things cloud software growth slowing down dramatically this year. With organizations worrying about a possible recession in 2023, many customers (potential and existing) are tapping the brakes on expanding their use of the cloud for the time being in an attempt to conserve cash.
Source Fool.com
