Why Did Cardlytics Shares Pop 11% Today?

Craig-Hallum analyst Jason Kreyer lowered the price target on Cardlytics Inc CDLX to $100 from $120, implying a 25.4% upside, and reiterated a Buy.
While broader macro concerns over supply chain issues and corresponding labor shortages have been widely topical over the past month, Cardlytics cited these headwinds a quarter ago, reset expectations, and is now working through this new paradigm, the analyst contends.
Kreyer notes that results for the quarter were "solid," and while the Q4 guide is "mildly underwhelming," he believes it encompasses a more conservative guide given impending concerns over what macro factors may impose on the holiday shopping season.
The advertising platform reported third-quarter FY21 revenue growth of 41% year-on-year to $65 million, beating the consensus of $62.1 million.
Billings grew 59% Y/Y to $98.4 million, Cardlytics MAUs were 170.6 million, up 6% Y/Y, and Cardlytics ARPU was $0.36, up 24% Y/Y.
Non-GAAP EPS loss of $(0.33) beat the consensus loss of $(0.54).
Cardlytics sees Q4 revenue of $70 million - $80 million and FY21 revenue of $247.1 million - $257.1 million.
Cardlytics sees Q4 billings of $105 million - $120 million and FY21 billings of $365.1 million - $380.1 million.
Price Action: CDLX shares closed higher by 11.05% at $88.54 on the last check Wednesday.

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