Marqeta (NASDAQ:MQ) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Marqeta (NASDAQ:MQ) from a neutral rating to an overweight rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. The firm currently has $6.00 target price on the stock, up from their previous target price of $5.00.

Several other analysts also recently weighed in on MQ. UBS Group upped their price target on Marqeta from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Barclays upped their price objective on Marqeta from $4.00 to $5.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. Keefe, Bruyette & Woods upped their price objective on Marqeta from $4.00 to $4.50 and gave the company a “market perform” rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group lowered their price objective on Marqeta from $4.50 to $4.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.18.

Marqeta Stock Up 4.0%

Marqeta stock opened at $5.24 on Monday. The company has a market capitalization of $2.64 billion, a P/E ratio of 262.00 and a beta of 1.41. The stock’s 50 day moving average is $4.18 and its 200 day moving average is $3.98. Marqeta has a twelve month low of $3.37 and a twelve month high of $6.00.

Marqeta (NASDAQ:MQ) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $139.07 million for the quarter, compared to the consensus estimate of $135.66 million. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) EPS. As a group, equities analysts expect that Marqeta will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

Hedge funds and other institutional investors have recently modified their holdings of the company. Congress Asset Management Co. raised its holdings in Marqeta by 7.6% in the 4th quarter. Congress Asset Management Co. now owns 1,135,842 shares of the company’s stock worth $4,305,000 after purchasing an additional 80,161 shares during the period. Raymond James Financial Inc. bought a new position in Marqeta in the 4th quarter worth $288,000. Xponance Inc. raised its holdings in Marqeta by 11.5% in the 4th quarter. Xponance Inc. now owns 34,314 shares of the company’s stock worth $130,000 after purchasing an additional 3,546 shares during the period. Northern Trust Corp increased its stake in Marqeta by 3.9% in the 4th quarter. Northern Trust Corp now owns 4,301,993 shares of the company’s stock worth $16,305,000 after buying an additional 161,968 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new stake in Marqeta in the 4th quarter worth $778,000. 78.64% of the stock is owned by 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.