Truist Financial Corp Raises Stock Position in Marqeta, Inc. (NASDAQ:MQ)

Truist Financial Corp raised its stake in shares of Marqeta, Inc. (NASDAQ:MQ – Get Rating) by 11.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,192 shares of the company’s stock after purchasing an additional 1,566 shares during the quarter. Truist Financial Corp’s holdings in Marqeta were worth $167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Bronson Point Management LLC bought a new stake in Marqeta during the fourth quarter valued at approximately $52,000. CWM LLC bought a new stake in shares of Marqeta in the 4th quarter worth approximately $54,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Marqeta in the 4th quarter worth approximately $83,000. North Star Investment Management Corp. bought a new stake in shares of Marqeta in the 4th quarter worth approximately $105,000. Finally, Octavia Wealth Advisors LLC bought a new stake in shares of Marqeta in the 1st quarter worth approximately $122,000. 50.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MQ. KeyCorp lowered their price objective on shares of Marqeta from $15.00 to $10.00 in a report on Thursday, May 12th. Wells Fargo & Company initiated coverage on shares of Marqeta in a research note on Monday, April 4th. They issued an “overweight” rating and a $15.00 target price on the stock. Mizuho decreased their target price on shares of Marqeta from $17.00 to $12.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Piper Sandler initiated coverage on shares of Marqeta in a research note on Thursday, April 14th. They issued an “overweight” rating and a $13.00 target price on the stock. Finally, Credit Suisse Group initiated coverage on shares of Marqeta in a research note on Tuesday, May 3rd. They issued an “outperform” rating and a $13.50 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.03.

Insider Buying and Selling

In related news, insider Seth R. Weissman sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $9.50, for a total value of $950,000.00. Following the transaction, the insider now owns 6,157 shares in the company, valued at approximately $58,491.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Marqeta Price Performance

NASDAQ:MQ opened at $9.59 on Monday. The firm’s 50-day moving average price is $9.47 and its 200-day moving average price is $10.16. The company has a market capitalization of $5.21 billion and a PE ratio of -17.44. Marqeta, Inc. has a 1-year low of $6.05 and a 1-year high of $37.90.

Marqeta (NASDAQ:MQ – Get Rating) last released its earnings results on Wednesday, May 11th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $166.10 million during the quarter, compared to analysts’ expectations of $161.01 million. Marqeta had a negative return on equity of 13.49% and a negative net margin of 36.80%. Equities analysts anticipate that Marqeta, Inc. will post -0.42 EPS for the current fiscal year.

Marqeta Profile

(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.