Wells Fargo & Company Issues Pessimistic Forecast for Marqeta (NASDAQ:MQ) Stock Price

Marqeta (NASDAQ:MQ) had its price objective reduced by Wells Fargo & Company from $5.00 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities analysts have also commented on MQ. Barclays reaffirmed an “equal weight” rating and issued a $4.00 price objective (down from $5.00) on shares of Marqeta in a research note on Tuesday, December 17th. Susquehanna reduced their price objective on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research note on Tuesday, November 5th. William Blair cut shares of Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods dropped their target price on shares of Marqeta from $5.00 to $4.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. Finally, KeyCorp downgraded Marqeta from an “overweight” rating to a “sector weight” rating in a report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.75.

Marqeta Stock Performance

MQ stock opened at $3.77 on Thursday. The company has a market capitalization of $1.89 billion, a P/E ratio of 188.50 and a beta of 1.52. The company has a fifty day moving average price of $3.86 and a 200-day moving average price of $4.73. Marqeta has a 52-week low of $3.37 and a 52-week high of $7.36.

Marqeta (NASDAQ:MQ) last announced its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The company had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. During the same period in the prior year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, sell-side analysts forecast that Marqeta will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marqeta

Institutional investors have recently modified their holdings of the company. Congress Asset Management Co. increased its position in shares of Marqeta by 46.8% during the third quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock worth $5,194,000 after acquiring an additional 336,349 shares in the last quarter. Nordea Investment Management AB boosted its stake in Marqeta by 107.8% during the 4th quarter. Nordea Investment Management AB now owns 851,278 shares of the company’s stock valued at $3,265,000 after purchasing an additional 441,617 shares during the last quarter. Cerity Partners LLC bought a new stake in Marqeta during the 3rd quarter worth approximately $1,466,000. Main Management ETF Advisors LLC bought a new stake in Marqeta during the 3rd quarter worth approximately $786,000. Finally, GSA Capital Partners LLP raised its stake in shares of Marqeta by 671.7% in the third quarter. GSA Capital Partners LLP now owns 234,401 shares of the company’s stock worth $1,153,000 after purchasing an additional 204,026 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

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.