CDLX - Why Cardlytics Stock Skyrocketed Today
2024-01-29 11:16:00 ET
Shares of digital advertising company Cardlytics (NASDAQ: CDLX) skyrocketed on Monday after the company settled a lawsuit and reported preliminary financial results for the fourth quarter of 2023. As of 9:50 a.m. ET, Cardlytics stock was up about 34%. That said, it's still down 95% from its high set in 2021.
Cardlytics works with financial institutions to manage their reward programs. It then takes this information to help marketers better target consumers. Even though the stock is down 95% from its high, the company's revenue is at an all-time high.
However, profitability tanked for Cardlytics following a trio of acquisitions in 2021 and early 2022. The market is reacting to news regarding one of these acquisitions today: Bridg.
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Why Cardlytics Stock Skyrocketed Today