monday.com (MNDY) faced a significant drop to a new all-time low on Monday, closing down 29.8% at $174.13. Needham & Company slashed its price target by 37% to $250, citing disappointing Q2 earnings. Net income plummeted 89% to $1.57 million, while revenue rose 26.7% to $299 million year-on-year.

Needham maintains a “buy” recommendation for MNDY despite the price downgrade. The company aims for $311 million to $313 million in Q3 revenues, a 24% growth. For the full year, revenues are projected to reach $1.224 billion to $1.229 billion, surpassing previous estimates. Investors eyeing AI stocks may find higher returns elsewhere.

Read more at Yahoo Finance: Monday.com (MNDY) Falls to New Low as Price Target Lowered Significantly