Options Traders Target Monday.com Stock's Surge

Analysts have yet to chime in, but are already bullish

Deputy Editor
Nov 13, 2023 at 11:10 AM
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Monday.com Ltd (NASDAQ:MNDY) is staging a hefty post-earnings bounce this Monday, after the software name's strong third-quarter results and upbeat forecast for the current quarter and full year. At last glance, MNDY was up 12.5% at $157.63, earlier as high as $161.42. 

This bull gap has the stock reclaiming familiar support at the $150 level, and breaking above its 80-day moving average. Since the start of the year, the equity is up 28.7%. 

Analysts have yet to chime in on the results, though the majority is already bullish. Of the 15 firms in coverage, 13 carry a "buy" or better rating, with two a tepid "hold," while the 12-month consensus price target of $201.19 sits at a 27.6% premium to current levels. 

Monday.com's earnings certainly captured the attention of options traders. So far today, 7,001 calls and 3,566 puts have crossed the tape, which is already 15 times the average daily options volume. The November 170 call is the most popular contract, with positions being bought to open there.



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