5 Cathie Wood Stocks That Can Rebound in 2023

4. monday.com Ltd. (NASDAQ:MNDY)

YTD Share Price Decline as of June 28: 63.42%

Number of Hedge Fund Holders: 24

monday.com Ltd. (NASDAQ:MNDY) is an Israel-based company providing a cloud platform for work management, in addition to offering process management, project management, productivity software, team management, customer relationship management, and collaborative software. The stock declined over 63% year to date as of June 28.

Securities filings for Q1 2022 reveal that Cathie Wood’s ARK Investment Management held 207,991 shares of monday.com Ltd. (NASDAQ:MNDY), worth $32.8 million, representing 0.13% of the total 13F portfolio. The hedge fund strengthened its hold on monday.com Ltd. (NASDAQ:MNDY) by 171% in Q1. 

On June 1, Tigress Financial analyst Ivan Feinseth reiterated a Buy recommendation on monday.com Ltd. (NASDAQ:MNDY) but lowered the price target on the stock to $240 from $432 to account for the re-rating of valuation, calling the recent pullback “a major buying opportunity”. monday.com Ltd. (NASDAQ:MNDY) reported “strong” Q1 results, and continues to see escalating demand for its “highly scalable and cost-effective” business management platform, Work OS, the analyst added.

According to Insider Monkey’s Q1 database, 24 hedge funds were long monday.com Ltd. (NASDAQ:MNDY), with collective stakes worth $681.3 million. Chase Coleman’s Tiger Global Management is the leading position holder in the company, with more than 2 million shares worth over $328 million.