Marqeta, Inc. (NASDAQ:MQ) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 8.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,515 shares of the company’s stock after selling 3,930 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Marqeta were worth $214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Covestor Ltd increased its stake in Marqeta by 17,340.0% in the first quarter. Covestor Ltd now owns 4,360 shares of the company’s stock valued at $26,000 after purchasing an additional 4,335 shares during the period. J.Safra Asset Management Corp increased its stake in Marqeta by 633.2% in the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares during the period. Russell Investments Group Ltd. increased its stake in Marqeta by 7,852.8% in the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after purchasing an additional 9,973 shares during the period. Magnetar Financial LLC acquired a new position in Marqeta in the second quarter valued at $61,000. Finally, Empowered Funds LLC acquired a new position in Marqeta in the first quarter valued at $65,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Marqeta Price Performance

NASDAQ:MQ opened at $5.85 on Monday. The firm has a 50 day simple moving average of $5.13 and a 200-day simple moving average of $5.30. The firm has a market cap of $2.97 billion, a PE ratio of -292.50 and a beta of 1.73. Marqeta, Inc. has a 1-year low of $4.40 and a 1-year high of $7.36.

Marqeta (NASDAQ:MQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. The business had revenue of $125.30 million during the quarter, compared to analyst estimates of $121.87 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. As a group, sell-side analysts expect that Marqeta, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MQ has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Susquehanna reaffirmed a “positive” rating and issued a $9.00 target price on shares of Marqeta in a report on Tuesday, August 6th. UBS Group lowered their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.11.

About Marqeta

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.