Why Is Monday.com (MNDY) Stock Up 11% Today?

  • Monday.com (MNDY) stock is gaining on an app store partnership.
  • The company is teaming up with Appfire to expand its app marketplace.
  • This has heavy trading sending shares higher on Monday.
MNDY stock: A digital illustration of software icons surrounding a cellphone.

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Monday.com (NASDAQ:MNDY) stock is on the rise Monday after announcing a partnership with Appfire to expand its app marketplace.

As part of this partnership, Appfire will build out the Monday.com app store with more options. The goal is to allow businesses to select all of the apps they need for work in one convenient place. Investors will note Appfire already supports dozens of apps from leading tech companies.

The Monday.com app marketplace has been around since 2022 and lets customers build apps on top of its own platform. There are over 220 apps on the store and it has more than 380,000 app installs.

Randall Ward, co-founder and CEO of Appfire, said the following:

“We couldn’t be more thrilled to partner with monday.com! From the moment we started talking, it was clear that our values and passion for innovation and improving the way teams work together were perfectly aligned.”

What This Means For MNDY Stock

With today’s news comes an increase in interest in MNDY stock. That makes sense as, an expanding app store is a welcome upgrade for Monday.com. It opens it up to more apps to simplify workflow, which could bring more customers to the platform.

We’re also seeing heavy trading of MNDY stock today. As of this writing, more than 770,000 shares have changed hands. That’s already above its daily average trading volume of about 546,000 shares.

MNDY stock is up 11.3% as of Monday morning.

Investors can keep reading for more of the latest stock market news today!

We’re offering up all of the most recent stock news traders need to know about on Monday! Our coverage includes why shares of Novavax (NASDAQ:NVAX), Sorrento Therapeutics (NASDAQ:SRNE) and G1 Therapeutics (NASDAQ:GTHX) stock are moving today. You can find all that news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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