Northern Trust Corp Cuts Stake in Marqeta, Inc. $MQ

Northern Trust Corp cut its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 2.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 4,190,753 shares of the company’s stock after selling 111,240 shares during the period. Northern Trust Corp owned approximately 0.83% of Marqeta worth $17,266,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RPD Fund Management LLC purchased a new position in Marqeta in the fourth quarter valued at about $37,289,000. Invesco Ltd. raised its position in shares of Marqeta by 7.6% during the 1st quarter. Invesco Ltd. now owns 5,797,217 shares of the company’s stock worth $23,885,000 after purchasing an additional 411,571 shares during the period. Wellington Management Group LLP bought a new stake in Marqeta in the fourth quarter valued at $19,717,000. Two Sigma Advisers LP lifted its position in Marqeta by 30.6% in the 4th quarter. Two Sigma Advisers LP now owns 5,071,400 shares of the company’s stock valued at $19,221,000 after purchasing an additional 1,188,100 shares during the last quarter. Finally, Moore Capital Management LP bought a new stake in shares of Marqeta during the fourth quarter valued at approximately $13,761,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Marqeta Price Performance

Shares of MQ stock opened at $6.17 on Wednesday. The stock has a fifty day moving average price of $5.99 and a 200 day moving average price of $4.99. The stock has a market cap of $2.77 billion, a P/E ratio of -47.46 and a beta of 1.55. Marqeta, Inc. has a one year low of $3.37 and a one year high of $7.04.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MQ shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Marqeta in a report on Thursday, July 17th. They issued a “hold” rating and a $6.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Marqeta from $6.00 to $8.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their target price on shares of Marqeta from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Keefe, Bruyette & Woods lifted their price target on Marqeta from $4.50 to $6.50 and gave the company a “market perform” rating in a report on Wednesday, July 9th. Finally, Barclays increased their target price on shares of Marqeta from $4.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.11.

Insider Buying and Selling

In related news, CRO Todd Pollak sold 116,493 shares of Marqeta stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $6.19, for a total transaction of $721,091.67. Following the completion of the transaction, the executive directly owned 364,525 shares of the company’s stock, valued at $2,256,409.75. This trade represents a 24.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jason M. Gardner sold 2,250,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $6.63, for a total transaction of $14,917,500.00. Following the sale, the director directly owned 15,399,000 shares of the company’s stock, valued at approximately $102,095,370. The trade was a 12.75% decrease in their position. The disclosure for this sale can be found here. 12.61% of the stock is currently owned by insiders.

Marqeta 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.