Marqeta, Inc. $MQ Position Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Marqeta, Inc. (NASDAQ:MQ) by 5.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,911 shares of the company’s stock after selling 3,668 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Marqeta were worth $371,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Marqeta in the first quarter worth about $698,000. Invesco Ltd. boosted its holdings in shares of Marqeta by 7.6% in the first quarter. Invesco Ltd. now owns 5,797,217 shares of the company’s stock worth $23,885,000 after buying an additional 411,571 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Marqeta in the first quarter worth about $252,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Marqeta by 313.3% in the second quarter. Public Employees Retirement System of Ohio now owns 168,430 shares of the company’s stock worth $982,000 after buying an additional 127,682 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Marqeta in the first quarter worth about $6,154,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marqeta

In related news, CRO Todd Pollak sold 116,493 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $6.19, for a total transaction of $721,091.67. Following the transaction, the executive owned 364,525 shares of the company’s stock, valued at approximately $2,256,409.75. This trade represents a 24.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $6.63, for a total transaction of $14,917,500.00. Following the transaction, the director directly owned 15,399,000 shares in the company, 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. In the last ninety days, insiders have sold 2,398,120 shares of company stock worth $15,836,577. Insiders own 12.61% of the company’s stock.

Marqeta Stock Performance

Shares of MQ opened at $4.72 on Friday. The firm has a market cap of $2.12 billion, a PE ratio of -36.31 and a beta of 1.51. The firm’s 50 day moving average price is $5.54 and its 200 day moving average price is $5.32. Marqeta, Inc. has a twelve month low of $3.37 and a twelve month high of $7.04.

Analyst Upgrades and Downgrades

Several brokerages have commented on MQ. The Goldman Sachs Group set a $5.00 target price on shares of Marqeta and gave the stock a “sell” rating in a report on Monday, October 13th. Citigroup raised shares of Marqeta to a “hold” rating in a research report on Thursday. UBS Group increased their price target on shares of Marqeta from $5.00 to $5.75 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Marqeta from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Finally, Zacks Research raised shares of Marqeta from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Marqeta has a consensus rating of “Hold” and an average target price of $5.77.

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.