Benzinga - by Zaheer Anwari, Benzinga Contributor.
Mastercard Inc (NYSE: MA) stock price has seen a significant 8% increase this year so far. To understand this recent surge, it's essential to delve into Mastercard's stock history.
From 2021 to 2023, the stock went through a phase of stagnation, fluctuating between approximately $280 and $400. This period of sideways movement came after it experienced considerable growth from November 2008 to April 2021, where the stock skyrocketed by 3500%.
Such a meteoric rise resulted in a consolidation phase as the market's momentum weakened and investors reassessed the stock's value.
The behavior of Mastercard's stock during this period aligns with a common market pattern. When a stock remains stagnant for an extended period, the subsequent breakout tends to be more significant.
This pattern suggests that the recent increase in Mastercard's stock price might mark the beginning of a new, long-term bullish trend.
Investors, especially those familiar with the stock's impressive track record, are closely monitoring for signs of this potential uptrend.
Mastercard's Q4 earnings, which were released on January 31st, managed to surpass expectations.
Analysts had initially projected earnings of $2.84 per share, but the actual figure came in at $3.18, showcasing a noteworthy earnings surprise. As a result, the stock price experienced an immediate surge of 3.8%, ultimately closing the day with a more modest 0.7% increase.
Mastercard's stock seems to be on a gradual, yet steady, upward trajectory, supported by its recent performance and strong earnings report. With this momentum, it has the potential to reach new heights, and surpass the $500 level.
After the closing bell on Friday, February 9, the stock closed at $457.88, trading down by 0.13%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.