Why Shares of Marqeta Dropped 18.8% in August
It was a rocky month for Marqeta Inc. (NASDAQ: MQ) as the fintech saw its stock price plummet 18.8% in August, according to S&P Global Market Intelligence.
The payment-processing company trailed all of the major indexes as the S&P 500 was down 4.2%, the Dow Jones Industrial Average fell 4.1%, and the Nasdaq Composite dropped 4.6% in August. The stock price is down a whopping 57% year to date as of Sept. 6, trading at just over $7 per share.
Marqeta had a volatile month as the stock price suffered several jolts. On Aug. 4, it was down as much as 34% during trading on the news that Block (NYSE: SQ) had selected Marqeta's rival, Fidelity National Information Services (NYSE: FIS) as the payment network to power its Cash App Card. But the stock bounced back that same day after several analysts came out and said the relationship with Fidelity National would not infringe upon Marqeta's relationship with Block as the network for its virtual debit card.
Source Fool.com
