Marqeta (NASDAQ:MQ) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Marqeta (NASDAQ:MQ) in a report issued on Tuesday, Marketbeat reports. The brokerage issued an overweight rating and a $6.00 price objective on the stock.

Several other equities analysts have also weighed in on the company. Citigroup upgraded Marqeta to a “hold” rating in a report on Thursday, October 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Marqeta in a report on Monday, December 29th. Keefe, Bruyette & Woods decreased their target price on Marqeta from $6.00 to $5.50 and set a “market perform” rating for the company in a research report on Friday, January 2nd. UBS Group dropped their price target on shares of Marqeta from $5.75 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, Wolfe Research cut shares of Marqeta from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $5.25.

Marqeta Stock Up 2.6%

MQ stock opened at $4.02 on Tuesday. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -50.25 and a beta of 1.48. The firm has a 50 day moving average of $4.54 and a two-hundred day moving average of $5.05. Marqeta has a 12 month low of $3.47 and a 12 month high of $7.04.

Insider Activity at Marqeta

In related news, Director Jason M. Gardner sold 113,366 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $5.00, for a total value of $566,830.00. Following the completion of the transaction, the director owned 303,467 shares of the company’s stock, valued at $1,517,335. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 218,509 shares of company stock worth $1,092,545. 12.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marqeta

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new position in shares of Marqeta in the 3rd quarter valued at about $26,000. EFG International AG acquired a new position in Marqeta in the fourth quarter valued at approximately $27,000. CWM LLC boosted its stake in Marqeta by 82.2% in the fourth quarter. CWM LLC now owns 6,254 shares of the company’s stock valued at $30,000 after acquiring an additional 2,821 shares during the last quarter. Leonteq Securities AG bought a new position in Marqeta in the fourth quarter valued at approximately $33,000. Finally, Amundi acquired a new stake in Marqeta during the 4th quarter worth $48,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Marqeta Company Profile

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.