Monday.com reported better-than-expected first-quarter results and raised its full-year forecast
The shares of Israel-based software publisher Monday.com Ltd (NASDAQ:MNDY) are surging today, after the company's first-quarter results and annual revenue forecast. At last glance, MNDY was up 12% at $146.91, and was earlier as high as $151.99.
Today's pop has Monday.com stock breaking above its 80-day moving average, which has provided pressure over the past couple months. Trading at its highest levels since March, the equity is now up 20.1% year-to-date.
Unsurprisingly, MNDY's typically quiet options pits are much busier than usual. So far, 3,042 calls and 2,433 puts have been exchanged, volume that's already 4.5 times the average daily amount. The May 115 put and May 160 call are the most popular, with new positions being opened at both.
It's also worth noting that short interest represents 9.1% of the stock's available float. It would take over four days for shorts to cover their bets, at MNDY's average pace of trading.