16 Best Mid Cap Growth Stocks To Buy Now

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13. Monday.Com Ltd. (NASDAQ:MNDY)

Market Capitalization as of September 13: $12.75 billion

Number of Hedge Fund Holders: 43

Monday.Com Ltd. (NASDAQ:MNDY) is a cloud-based platform that allows users to create their own applications and project management software. It offers a visual platform that helps teams of all sizes manage projects, collaborate, and automate workflows, and has a user-friendly interface and the ability to be customized.

The company’s mondayDB platform launched its mondayDB 2.0 version, which is meant to elevate scalability, enabling customers to manage boards with up to 100,000 items and linked items, and dashboards with up to 500,000 items.

AI is integrated across all areas of Monday.Com Ltd. (NASDAQ:MNDY). In mid-2023, the company deployed a third-party GenAI chatbot for managing chat-based customer service tickets, yielding impressive results. The chatbot has resolved around 50% of customer service tickets automatically. This initial success led to an increase in chat ticket volume and reduced the reliance on external support for ticket management.

In the second quarter of 2024, it introduced new GenAI features to the monday platform, including auto-generated action items, threat summaries, and enhanced text extraction capabilities. It also launched a portfolio solution for enterprise work management. The latest product, monday service, is now in beta and is scheduled for full release by the end of 2024.

Revenue was $236.11 million, up 34.40% year-over-year due to the recent pricing update and strong demand for the Work Operating System products.

Monday.Com Ltd. (NASDAQ:MNDY) has made remarkable strides since its NASDAQ debut in 2021, evolving into a comprehensive platform together with the integration of AI features. Its growth potential makes it one of the top mid-cap stocks to buy now.

Next Century Growth Small Cap Strategy stated the following regarding Monday.com Ltd. (NASDAQ:MNDY) in its first quarter 2024 investor letter:

“Monday.com Ltd. (NASDAQ:MNDY) provides a next generation software platform for companies to run many key aspects of their businesses, such as managing project tasks and workflows, product development, and sales CRM (customer relationship management). MNDY has had success selling into small and medium size businesses and is having increasing success further up market. Revenue growth is currently in the 30% range and the company has proven they can operate profitably and generate solid free cash flow.”

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