Macquarie (ASX:MQG) share price booted from $200 club after only one day

Macquarie’s shares reached a rare milestone on Monday — but the high didn’t last long

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The Macquarie Group Ltd (ASX: MQG) share price has slumped today, handing back the gains that saw it achieve a major, and relatively rare, milestone this week.

Just yesterday, the Macquarie share price gained 0.7% to reach a new all-time high of $202.50, breaking the $200 barrier for the first time.

By soaring beyond the substantial price point, Macquarie became the third ASX-listed stock to trade at more than $200 apiece.

Right now, only shares in Cochlear Limited (ASX: COH) and CSL Limited (ASX: CSL) trade at more than $200 apiece. They are currently going for $223.44 and $296.88 respectively.

Unfortunately, Macquarie’s stint in the $200 club was short-lived. At the time of writing, the Macquarie share price is $199.78, 0.34% lower than its previous close.

Let’s take a closer look at how Macquarie has been performing on the ASX lately.

Macquarie share price slips below $200 once more

It likely goes without saying the Macquarie share price has been on a roll lately.

Macquarie is a global financial services group. It’s made up of several segments including banking, wealth management, commodity trading, and principal investments.

The company’s stock has been soaring on the ASX this month. Macquarie’s shares are currently trading for 9.7% more than they were at the end of September.

For context, the S&P/ASX 200 Index (ASX: XJO) has gained 1.7% in that time. The S&P/ASX 200 Financials Index (ASX: XFJ) has performed slightly better, gaining 1.9% this month so far.

Macquarie’s strong performance comes despite the company not releasing any price-sensitive news to the market.

However, as the Motley Fool Australia recently reported, Morgan Stanley analysts retained their overweight rating and $240 target on the Macquarie share price last week.  

They stated the financial services company’s green credentials will likely see it with higher revenues as demand for climate-conscious investing increases.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. and Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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