Marqeta, Inc. (NASDAQ:MQ) Receives Consensus Recommendation of “Reduce” from Analysts

Marqeta, Inc. (NASDAQ:MQ) has been given a consensus recommendation of “Reduce” by the ten analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $5.50.

Several analysts have weighed in on the company. Citigroup raised Marqeta to a “hold” rating in a report on Thursday, October 23rd. Keefe, Bruyette & Woods dropped their price target on shares of Marqeta from $6.50 to $6.00 and set a “market perform” rating for the company in a research note on Wednesday, October 1st. Weiss Ratings restated a “sell (d)” rating on shares of Marqeta in a report on Monday. Zacks Research lowered shares of Marqeta from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Finally, UBS Group dropped their target price on shares of Marqeta from $5.75 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th.

Marqeta Stock Performance

Shares of MQ opened at $4.92 on Wednesday. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -61.50 and a beta of 1.48. The business’s fifty day moving average price is $4.75 and its two-hundred day moving average price is $5.43. Marqeta has a 52 week low of $3.47 and a 52 week high of $7.04.

Marqeta (NASDAQ:MQ) last released its earnings results on Wednesday, November 5th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $163.31 million during the quarter, compared to the consensus estimate of $148.37 million. Marqeta had a negative return on equity of 4.22% and a negative net margin of 6.74%.The firm’s quarterly revenue was up 27.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.06) earnings per share. As a group, research analysts forecast that Marqeta will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Marqeta by 126.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 41,097,173 shares of the company’s stock worth $169,322,000 after purchasing an additional 22,928,070 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Marqeta during the 2nd quarter worth approximately $44,463,000. Wellington Management Group LLP raised its holdings in Marqeta by 51.9% during the 3rd quarter. Wellington Management Group LLP now owns 11,798,274 shares of the company’s stock worth $62,295,000 after buying an additional 4,029,486 shares during the period. Marshall Wace LLP raised its holdings in Marqeta by 694.3% during the 3rd quarter. Marshall Wace LLP now owns 2,338,737 shares of the company’s stock worth $12,349,000 after buying an additional 2,044,290 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Marqeta by 1,224.5% in the second quarter. Russell Investments Group Ltd. now owns 1,897,823 shares of the company’s stock valued at $11,064,000 after buying an additional 1,754,539 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.