Marqeta Had a Momentous Week: Here's What It Could Mean for the Stock
Like many new software and fintech stocks, modern card issuer Marqeta (NASDAQ: MQ) sold off hard in late 2021 and 2022, declining from its initial public offering (IPO) price of $27 in mid-2021 to around $6 by the end of 2022.
Yet was that totally justified? Marqeta has actually displayed strong growth during its public life, beating revenue estimates in every one of its earnings releases since going public.
Part of the reason Marqeta has sold off despite relatively solid results was last summer's announcement that founder and CEO Jason Gardner would be stepping down as CEO and into the executive chairman role. No replacement had been announced for months, and Marqeta's stock continued to languish. In addition, some investors have grown concerned over Marqeta's large customer concentration, with Block (NYSE: SQ) accounting for 73% of the company's revenues last quarter.
Source Fool.com
