Marqeta, Inc. (NASDAQ:MQ) Given Consensus Rating of “Reduce” by Brokerages

Shares of Marqeta, Inc. (NASDAQ:MQ) have been assigned a consensus rating of “Reduce” from the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $5.3333.

MQ has been the subject of several recent analyst reports. Citigroup upgraded shares of Marqeta to a “hold” rating in a research note on Thursday, October 23rd. Zacks Research downgraded shares of Marqeta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 20th. Mizuho reiterated a “neutral” rating and issued a $4.50 price objective (down previously from $8.00) on shares of Marqeta in a research note on Thursday. UBS Group cut their target price on Marqeta from $5.75 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, Wolfe Research lowered Marqeta from an “outperform” rating to a “peer perform” rating in a report on Thursday.

Insider Activity

In other news, Director Jason M. Gardner sold 69,043 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $5.00, for a total transaction 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 through the SEC website. Over the last ninety days, insiders sold 218,509 shares of company stock worth $1,092,545. Company insiders own 12.61% of the company’s stock.

Hedge Funds Weigh In On Marqeta

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

Marqeta Stock Down 1.7%

Shares of Marqeta stock opened at $4.73 on Friday. Marqeta has a 52 week low of $3.47 and a 52 week high of $7.04. The business has a 50 day moving average price of $4.81 and a 200-day moving average price of $5.35. The company has a market cap of $2.08 billion, a PE ratio of -59.13 and a beta of 1.48.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The business 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%.Marqeta’s revenue was up 27.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) earnings per share. As a group, research analysts anticipate that Marqeta will post 0.06 EPS for the current year.

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.