Marqeta (NASDAQ:MQ) Stock Price Down 5.3% – Here’s Why

Shares of Marqeta, Inc. (NASDAQ:MQ) were down 5.3% during trading on Monday . The company traded as low as $16.59 and last traded at $16.4950. 57,535 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,011,598 shares. The stock had previously closed at $17.41.

Analyst Ratings Changes

Several research firms have recently weighed in on MQ. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research note on Thursday. UBS Group raised their target price on shares of Marqeta from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Marqeta in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Marqeta has a consensus rating of “Reduce” and an average price target of $20.12.

Marqeta Price Performance

The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 412.98 and a beta of 1.31. The company’s 50-day simple moving average is $16.14 and its 200-day simple moving average is $16.81.

Marqeta (NASDAQ:MQ) last posted its earnings results on Tuesday, May 5th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $165.80 million for the quarter, compared to the consensus estimate of $164.30 million. Marqeta had a return on equity of 0.27% and a net margin of 0.33%.The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Research analysts expect that Marqeta, Inc. will post 0.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Todd Pollak sold 18,750 shares of Marqeta stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $16.88, for a total transaction of $316,500.00. Following the completion of the sale, the executive owned 185,008 shares of the company’s stock, valued at approximately $3,122,935.04. This trade represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 on Friday, June 12th. The stock was sold at an average price of $15.20, for a total value of $68,962.40. Following the sale, the director directly owned 8,900 shares of the company’s stock, valued at $135,280. This 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. Over the last ninety days, insiders sold 27,650 shares of company stock worth $463,473. Insiders own 12.61% of the company’s stock.

Hedge Funds Weigh In On Marqeta

A number of hedge funds have recently bought and sold shares of the business. Tudor Investment Corp ET AL grew its position in shares of Marqeta by 1,078.8% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,405,491 shares of the company’s stock worth $7,421,000 after purchasing an additional 1,286,258 shares in the last quarter. Abbington Investment Group bought a new position in shares of Marqeta during the fourth quarter worth approximately $1,939,000. SG Americas Securities LLC raised its position in shares of Marqeta by 603.5% in the fourth quarter. SG Americas Securities LLC now owns 1,095,787 shares of the company’s stock valued at $5,205,000 after buying an additional 940,022 shares in the last quarter. Donor Advised Charitable Giving Inc. acquired a new stake in shares of Marqeta in the fourth quarter valued at approximately $1,257,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Marqeta by 271.5% in the third quarter. JPMorgan Chase & Co. now owns 1,335,320 shares of the company’s stock valued at $7,050,000 after buying an additional 975,861 shares during the period. 78.64% of the stock is owned by institutional investors.

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.