Marqeta (NASDAQ:MQ) PT Lowered to $8.00

Marqeta (NASDAQ:MQ) had its price objective dropped by equities researchers at UBS Group from $8.50 to $8.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 53.26% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. William Blair restated an “outperform” rating on shares of Marqeta in a report on Wednesday, May 8th. Monness Crespi & Hardt boosted their price target on shares of Marqeta from $7.50 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company raised shares of Marqeta from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, June 25th. Wedbush reaffirmed a “neutral” rating and set a $6.00 price objective on shares of Marqeta in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.09.

Marqeta Trading Down 2.4 %

NASDAQ:MQ traded down $0.13 on Friday, hitting $5.22. The company had a trading volume of 1,028,761 shares, compared to its average volume of 5,004,371. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of -14.50 and a beta of 1.78. The firm has a 50 day moving average of $5.31 and a two-hundred day moving average of $5.69. Marqeta has a 52 week low of $4.40 and a 52 week high of $7.36.

Marqeta (NASDAQ:MQ) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.04. Marqeta had a negative net margin of 32.98% and a negative return on equity of 11.84%. The firm had revenue of $125.30 million during the quarter, compared to the consensus estimate of $121.87 million. During the same quarter last year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, equities analysts forecast that Marqeta will post 0.01 EPS for the current year.

Insider Transactions at Marqeta

In other news, Director Martha Cummings sold 40,241 shares of Marqeta stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $5.47, for a total transaction of $220,118.27. Following the sale, the director now owns 19,000 shares in the company, valued at $103,930. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 12.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MQ. American Century Companies Inc. boosted its stake in Marqeta by 197.5% during the second quarter. American Century Companies Inc. now owns 286,013 shares of the company’s stock worth $1,567,000 after buying an additional 189,882 shares during the period. ClariVest Asset Management LLC raised its holdings in shares of Marqeta by 481.4% in the second quarter. ClariVest Asset Management LLC now owns 439,420 shares of the company’s stock valued at $2,408,000 after acquiring an additional 363,835 shares in the last quarter. Arizona State Retirement System raised its holdings in Marqeta by 6.5% in the second quarter. Arizona State Retirement System now owns 116,295 shares of the company’s stock worth $637,000 after purchasing an additional 7,097 shares in the last quarter. Visa Foundation bought a new position in Marqeta in the second quarter worth about $68,197,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Marqeta during the second quarter worth about $159,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Marqeta Company Profile

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.