Why Monday.com Stock Fell 14% in September
Shares of Monday.com (NASDAQ: MNDY), whose platform enables organizations to create software applications and work-management tools, fell 14% in September, according to data from S&P Global Market Intelligence. This decline is probably attributable to last month's weak overall market and short-term traders taking some profits following the stock's big run-up in August. That run-up was driven by the company's release of second-quarter results that delighted investors.
For context, the S&P 500 and Nasdaq Composite indexes declined 4.8% and 5.3%, respectively, last month.
Since its June 10 initial public offering at $155 per share, Monday.com stock is up a whopping 112% through Oct. 4. The S&P 500 has returned 2.2% and the Nasdaq has risen 2.8% over this period.
Source Fool.com
