Marqeta (NASDAQ:MQ) Director Sells $345,215.00 in Stock

Marqeta, Inc. (NASDAQ:MQ) Director Jason Gardner sold 69,043 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $5.00, for a total value of $345,215.00. Following the completion of the sale, the director directly owned 293,334 shares of the company’s stock, valued at $1,466,670. This trade represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Marqeta Stock Up 2.0%

Shares of MQ opened at $5.07 on Monday. The business’s fifty day moving average is $4.75 and its 200 day moving average is $5.42. Marqeta, Inc. has a 12-month low of $3.47 and a 12-month high of $7.04. The stock has a market cap of $2.23 billion, a P/E ratio of -63.38 and a beta of 1.48.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). Marqeta had a negative net margin of 6.74% and a negative return on equity of 4.22%. The business had revenue of $163.31 million during the quarter, compared to analyst estimates of $148.37 million. During the same quarter in the previous year, the business posted ($0.06) EPS. Marqeta’s quarterly revenue was up 27.7% on a year-over-year basis. On average, analysts expect that Marqeta, Inc. will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

Institutional investors have recently modified their holdings of the business. State Board of Administration of Florida Retirement System boosted its position in Marqeta by 272.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 520,956 shares of the company’s stock worth $3,037,000 after purchasing an additional 381,016 shares during the last quarter. Citizens Financial Group Inc. RI bought a new stake in shares of Marqeta during the 2nd quarter worth $460,000. Norges Bank purchased a new position in shares of Marqeta in the 2nd quarter worth about $4,057,000. Strs Ohio bought a new position in Marqeta during the first quarter valued at about $698,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Marqeta during the second quarter worth about $44,463,000. 78.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MQ. Keefe, Bruyette & Woods dropped their price target on shares of Marqeta from $6.50 to $6.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 1st. Zacks Research lowered Marqeta from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. The Goldman Sachs Group set a $5.00 target price on Marqeta and gave the company a “sell” rating in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Marqeta in a research report on Monday, December 15th. Finally, Citigroup upgraded Marqeta to a “hold” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Marqeta has an average rating of “Reduce” and a consensus target price of $5.50.

About Marqeta

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.