12 Cash-Rich Penny Stocks To Buy According To Hedge Funds

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2. Marqeta, Inc. (NASDAQ:MQ)

TTM Operating Cash Flow as of December 31, 2024: $58,170,000

Number of Hedge Fund Holders: 37

Share Price as of March 4: $4.115

Marqeta, Inc. (NASDAQ:MQ) provides a cloud-based platform offering card issuing, transaction processing, and banking features like direct deposit and bill pay. It serves industries such as financial services, e-commerce, and buy now, pay later providers. Marqeta’s platform processed nearly $300 billion in payments in 2024. On February 25, the company announced that it is acquiring TransactPay, a UK-based payments company, to expand its card program management in the UK and Europe.

Marqeta, Inc. (NASDAQ:MQ) had a strong fourth quarter, with total process volume reaching $80 billion, a 29% jump from the same period last year. The net revenue grew 14% to $136 million, and this growth was driven by a strong business mix, better than anticipated holiday performance, and a partner incentive. Marqeta ended the quarter with $1.1 billion in cash and investments and is focused on expanding its banking partnerships while improving operational efficiency.

According to Insider Monkey’s fourth quarter database, 37 hedge funds were bullish on Marqeta, Inc. (NASDAQ:MQ), compared to 33 funds in the last quarter. Jim Simons’ Renaissance Technologies was the leading stakeholder of the company, with 11.5 million shares worth $43.8 million.

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