Marqeta (NASDAQ:MQ – Get Free Report) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a $7.00 price objective on the stock. Bank of America‘s price objective suggests a potential upside of 21.32% from the company’s previous close.
Other research analysts have also issued reports about the stock. Truist Financial upped their target price on shares of Marqeta from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, November 21st. UBS Group reaffirmed a “buy” rating and set a $7.50 price objective on shares of Marqeta in a report on Friday, October 20th. Morgan Stanley boosted their target price on Marqeta from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 16th. KeyCorp raised their price target on Marqeta from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Monday, January 8th. Finally, Susquehanna assumed coverage on shares of Marqeta in a research note on Wednesday, November 8th. They issued a “positive” rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.05.
Marqeta Stock Performance
In related news, insider Randall F. Kern sold 53,367 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $6.23, for a total value of $332,476.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.88% of the stock is owned by company insiders.
Hedge Funds Weigh In On Marqeta
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Westfield Capital Management Co. LP raised its position in Marqeta by 14.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 5,814,628 shares of the company’s stock valued at $40,586,000 after purchasing an additional 739,871 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of Marqeta by 25.0% in the fourth quarter. Primecap Management Co. CA now owns 375,200 shares of the company’s stock valued at $2,619,000 after buying an additional 75,000 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Marqeta in the fourth quarter worth about $202,000. US Bancorp DE lifted its position in shares of Marqeta by 7.7% during the fourth quarter. US Bancorp DE now owns 89,110 shares of the company’s stock worth $622,000 after purchasing an additional 6,340 shares in the last quarter. Finally, Aigen Investment Management LP increased its holdings in shares of Marqeta by 13.9% in the fourth quarter. Aigen Investment Management LP now owns 31,999 shares of the company’s stock valued at $223,000 after purchasing an additional 3,904 shares in the last quarter. Institutional investors own 58.10% of the company’s stock.
Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, financial technology, embedded finance solutions, and large financial institution.
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