Marqeta Inc. announced Thursday that it has received board approval to buy back up to $100 million of its Class A shares. "The share repurchase program demonstrates the confidence our board and management team have in the strength of our business and future growth prospects," Jason Gardner, the company's chief executive, said in a release. "We see a specific moment-in-time opportunity for us to execute a share buyback program as we do not believe our current valuation reflects our performance or our long-term market opportunity." He noted that Marqeta has $1.7 billion in liquidity on its balance sheet and sees opportunities to proceed with share repurchases while also investing in the business. Marqeta's stock was up 1.5% premarket. Shares of the company, which makes card-issuing technology, have lost 54% on the year as the S&P 500 has dropped 17%.
(END) Dow Jones Newswires
September 15, 2022 08:44 ET (12:44 GMT)
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