Barclays Trims Marqeta (NASDAQ:MQ) Target Price to $7.00

Marqeta (NASDAQ:MQ) had its price objective lowered by Barclays from $8.00 to $7.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 23.24% from the company’s current price.

A number of other research analysts also recently commented on MQ. Bank of America raised shares of Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Monday, February 12th. Wedbush reissued a “neutral” rating and issued a $6.00 price objective on shares of Marqeta in a research report on Wednesday. William Blair reissued an “outperform” rating on shares of Marqeta in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on shares of Marqeta from $7.00 to $8.00 and gave the company a “market perform” rating in a research report on Friday, March 1st. Finally, Monness Crespi & Hardt boosted their target price on shares of Marqeta from $7.50 to $8.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.43.

Marqeta Trading Down 2.7 %

Shares of MQ stock traded down $0.16 during trading hours on Thursday, hitting $5.68. 2,797,514 shares of the company were exchanged, compared to its average volume of 5,098,944. The business has a 50 day moving average of $5.81 and a two-hundred day moving average of $6.06. Marqeta has a 52 week low of $4.07 and a 52 week high of $7.36. The company has a market capitalization of $2.92 billion, a PE ratio of -13.43 and a beta of 1.81.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Marqeta had a negative net margin of 32.97% and a negative return on equity of 13.80%. The company had revenue of $117.90 million during the quarter, compared to the consensus estimate of $117.05 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. The firm’s revenue was down 45.8% compared to the same quarter last year. On average, research analysts forecast that Marqeta will post -0.35 EPS for the current year.

Hedge Funds Weigh In On Marqeta

Several hedge funds have recently modified their holdings of MQ. Russell Investments Group Ltd. lifted its position in shares of Marqeta by 7,852.8% during the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after buying an additional 9,973 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of Marqeta during the 3rd quarter worth approximately $62,000. Empowered Funds LLC purchased a new stake in shares of Marqeta during the 1st quarter worth approximately $65,000. SVB Wealth LLC purchased a new stake in shares of Marqeta during the 4th quarter worth approximately $70,000. Finally, Horizon Family Wealth Inc. purchased a new stake in shares of Marqeta during the 3rd quarter worth approximately $73,000. Institutional investors own 78.64% of the company’s stock.

About Marqeta

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. It offers its solutions in various verticals, including financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later.