Marqeta (NASDAQ:MQ) Price Target Lowered to $16.00 at Truist Financial

Marqeta (NASDAQ:MQGet Rating) had its price target decreased by analysts at Truist Financial from $20.00 to $16.00 in a report released on Thursday, The Fly reports. Truist Financial’s price objective would suggest a potential upside of 141.33% from the company’s current price.

A number of other research firms also recently weighed in on MQ. Keefe, Bruyette & Woods reduced their price target on Marqeta from $17.00 to $13.00 and set a “market perform” rating for the company in a research report on Thursday, March 10th. Loop Capital cut their price objective on Marqeta from $19.00 to $13.00 in a report on Thursday, March 10th. JPMorgan Chase & Co. cut their price objective on Marqeta from $33.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, March 10th. Morgan Stanley started coverage on Marqeta in a report on Monday, April 4th. They issued an “equal weight” rating and a $15.00 price objective for the company. Finally, Wells Fargo & Company started coverage on Marqeta in a report on Monday, April 4th. They issued an “overweight” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.15.

NASDAQ MQ opened at $6.63 on Thursday. Marqeta has a 52-week low of $6.39 and a 52-week high of $37.90. The business has a 50 day simple moving average of $10.23 and a 200 day simple moving average of $14.93.

Marqeta (NASDAQ:MQGet Rating) last released its quarterly earnings results on Wednesday, March 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Marqeta had a negative return on equity of 14.51% and a negative net margin of 31.70%. The firm had revenue of $155.41 million during the quarter, compared to the consensus estimate of $137.79 million. The company’s revenue for the quarter was up 76.2% on a year-over-year basis. As a group, sell-side analysts expect that Marqeta will post -0.37 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. bought a new position in Marqeta during the 1st quarter worth $137,000. Cambridge Investment Research Advisors Inc. bought a new position in Marqeta during the 1st quarter worth $201,000. US Bancorp DE increased its position in shares of Marqeta by 7.0% in the first quarter. US Bancorp DE now owns 80,287 shares of the company’s stock worth $886,000 after purchasing an additional 5,287 shares during the period. Black Swift Group LLC bought a new position in shares of Marqeta in the first quarter worth $110,000. Finally, Raymond James & Associates increased its position in shares of Marqeta by 19.6% in the first quarter. Raymond James & Associates now owns 26,799 shares of the company’s stock worth $296,000 after purchasing an additional 4,389 shares during the period. Hedge funds and other institutional investors own 50.31% of the company’s stock.

About Marqeta (Get Rating)

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.

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