We recently published a list of 10 Stocks That Led Tuesday’s Charge. In this article, we are going to take a look at where Marqeta Inc. (NASDAQ:MQ) stands against other stocks that led Tuesday’s charge.
The stock market finished Tuesday’s trading in the red territory anew, erasing two consecutive days of gains, as investors repositioned their portfolios ahead of the Fed rate decision on Wednesday.
The Nasdaq registered the biggest drop among Wall Street’s main indices, declining 1.71 percent, followed by the S&P 500 with 1.07 percent, and the Dow Jones by 0.62 percent.
Despite the decline, ten companies showed off resilience during the session, finishing with modest gains. In this article, we have named the 10 top performers and detailed the reasons behind their gains.
To come up with the list, we only considered the stocks with a $2-billion market capitalization and $5 million in trading volume.
A financial services team at work reviewing customer data on their digital bank.
Marqeta Inc. (NASDAQ:MQ)
Marqeta Inc. extended its winning streak for a sixth consecutive day on Tuesday, adding 4.40 percent to finish at $4.51 each as investors continued to gobble up shares after the company bagged a new deal to become the issuer processor for Spendesk Financial Services in Europe.
Spendesk is a spend management platform that helps businesses manage employee expenses, automate invoice management, and track spending features, among others.
Under the agreement, Spendesk would integrate MQ’s card processing services into its core banking platform, giving Spendesk’s customers both physical and virtual cards and enhancing B2B spend management with controls that let them screen and approve expenses in real-time.
The partnership aims to take advantage of the growing recognition of virtual cards which are now becoming the go-to payment mode of businesses with annual sales of $50 million to $1 billion.
According to research by PYMNTS Intelligence late last year, 56 percent of business executives who use virtual cards for their business purchases have seen improvements in their working capital management.
Overall, MQ ranks 4th on our list of stocks that led Tuesday’s charge. While we acknowledge the potential of MQ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as MQ but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires
Disclosure: None. This article is originally published at Insider Monkey.
Comments