Marqeta (NASDAQ: MQ) has announced a share repurchase program during a time whent the shares are trading near its 52 week low. Currently, Marqeta is trading at around $8/share. Its 52-week high is over $37 and its 52 week low is around $6/share.
Marqeta is a digital platform that enables firms to create and manage modern cards – both virtual and physical. Headquarted in California, Marqeta has expanded operations to 39 countries around the world.
In a corporate statement, the Board of Directors revealed a $100 million stock repurchase program. Marqeta’s current market cap is around $4.5 billion.
“The share repurchase program demonstrates the confidence our Board and management team have in the strength of our business and future growth prospects,” said Jason Gardner, founder and CEO of Marqeta. Gardner said they see a “moment in time” opportunity to buy at a low.
“…we do not believe our current valuation reflects our performance or our long-term market opportunity. Our strong balance sheet with $1.7 billion in liquidity enables us to execute this program while continuing to invest in both organic and inorganic opportunities to grow the business,” added Gardner.