Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Higher One Holdings (NYSE:ONE) are nearly 11% higher today despite the company offering somewhat tepid annual guidance. Wall Street seems to be more interested in the company's double beat on its completed quarter.

So what: Higher One posted $49.8 million in revenue for its fourth quarter, a 19.3% gain year over year and ahead of the $48.8 million consensus. Additionally, earnings per share, at $0.17, were a penny better than Wall Street's consensus. However, Higher One's guidance for 2013, at $210 million to $220 million, with EPS between $0.62 and $0.70 per share, is a double whiff on analyst expectations, which had been looking for $214.6 million in revenue and $0.73 in EPS.

Now what: At this point, Higher One is close to the bottom of a slide that began nearly from the day of its IPO in 2010. That's meant that, as earnings have increased, its P/E has also fallen, and it now stands near its all-time cheapest level. Maybe investors have decided that, at such a depressed price, even underwhelming growth projections are worth a bit of optimism.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more insight into markets, history, and technology.

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