Marqeta, Inc. (NASDAQ:MQ) Receives Average Recommendation of “Reduce” from Brokerages

Marqeta, Inc. (NASDAQ:MQ) has been assigned a consensus recommendation of “Reduce” from the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $20.1250.

A number of research firms have recently commented on MQ. Weiss Ratings restated a “sell (d)” rating on shares of Marqeta in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft increased their price objective on Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. Finally, UBS Group lifted their price objective on Marqeta from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th.

Marqeta Trading Up 0.5%

Shares of Marqeta stock opened at $15.51 on Friday. The company’s 50-day moving average price is $16.03 and its 200-day moving average price is $16.70. Marqeta has a 12-month low of $14.80 and a 12-month high of $28.16. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 387.85 and a beta of 1.31.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. Marqeta had a net margin of 0.33% and a return on equity of 0.27%. The company had revenue of $165.80 million during the quarter, compared to analysts’ expectations of $164.30 million. During the same quarter in the previous year, the company earned ($0.08) earnings per share. Marqeta’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, sell-side analysts predict that Marqeta will post 0.14 earnings per share for the current year.

Insider Activity

In other Marqeta news, CRO Todd Pollak sold 18,750 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $16.88, for a total value of $316,500.00. Following the sale, the executive owned 185,008 shares of the company’s stock, valued at $3,122,935.04. This trade represents a 9.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elaine Paul sold 4,537 shares of Marqeta stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $15.20, for a total value of $68,962.40. Following the sale, the director owned 8,900 shares of the company’s stock, valued at approximately $135,280. This trade represents a 33.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 27,650 shares of company stock worth $463,473. Insiders own 12.61% of the company’s stock.

Institutional Investors Weigh In On Marqeta

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of Marqeta by 18.0% in the 4th quarter. Wellington Management Group LLP now owns 13,927,760 shares of the company’s stock worth $66,157,000 after buying an additional 2,129,486 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Marqeta by 2.1% during the 1st quarter. Renaissance Technologies LLC now owns 11,580,288 shares of the company’s stock worth $47,248,000 after acquiring an additional 237,933 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Marqeta by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,779,290 shares of the company’s stock worth $35,818,000 after acquiring an additional 567,673 shares during the last quarter. Invesco Ltd. grew its position in Marqeta by 26.8% in the fourth quarter. Invesco Ltd. now owns 8,218,888 shares of the company’s stock worth $39,040,000 after acquiring an additional 1,736,796 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Marqeta by 7.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 8,214,458 shares of the company’s stock worth $43,372,000 after acquiring an additional 587,863 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors.

Marqeta Company Profile

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.