Brokerages Set Marqeta, Inc. (NASDAQ:MQ) Price Target at $5.22

Marqeta, Inc. (NASDAQ:MQ) has been assigned a consensus recommendation of “Reduce” from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $5.2188.

Several research firms have recently commented on MQ. Morgan Stanley cut their price objective on Marqeta from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Weiss Ratings restated a “sell (d)” rating on shares of Marqeta in a research note on Friday, March 27th. JPMorgan Chase & Co. started coverage on Marqeta in a research note on Tuesday, February 17th. They issued an “overweight” rating and a $6.00 price target on the stock. Finally, UBS Group lifted their price objective on shares of Marqeta from $4.25 to $4.75 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th.

Marqeta Trading Up 0.5%

Shares of MQ stock opened at $3.91 on Wednesday. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 390.39 and a beta of 1.32. The firm’s 50 day moving average is $4.07 and its 200-day moving average is $4.27. Marqeta has a 1 year low of $3.70 and a 1 year high of $7.04.

Marqeta (NASDAQ:MQ) last released its earnings results on Tuesday, May 5th. The company reported $0.02 earnings per share (EPS) for the quarter. Marqeta had a net margin of 0.33% and a return on equity of 0.27%. The company had revenue of $165.80 million for the quarter, compared to the consensus estimate of $164.30 million. During the same period in the prior year, the company posted ($0.02) EPS. The company’s revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts forecast that Marqeta will post 0.04 earnings per share for the current fiscal year.

Insider Activity at Marqeta

In related news, Director Elaine Paul sold 18,148 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $3.80, for a total transaction of $68,962.40. Following the transaction, the director directly owned 35,602 shares of the company’s stock, valued at approximately $135,287.60. This trade represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 12.61% of the company’s stock.

Hedge Funds Weigh In On Marqeta

A number of hedge funds have recently added to or reduced their stakes in MQ. Quarry LP acquired a new position in Marqeta in the third quarter valued at about $26,000. EFG International AG acquired a new stake in shares of Marqeta during the 4th quarter worth approximately $27,000. CWM LLC raised its position in Marqeta by 82.2% during the fourth quarter. CWM LLC now owns 6,254 shares of the company’s stock valued at $30,000 after purchasing an additional 2,821 shares in the last quarter. Western Wealth Management LLC bought a new position in Marqeta in the first quarter valued at about $27,000. Finally, Leonteq Securities AG acquired a new position in Marqeta during the 4th quarter worth approximately $33,000. Institutional investors own 78.64% of the company’s stock.

About Marqeta

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.