Marqeta (NASDAQ:MQ) Coverage Initiated at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. started coverage on shares of Marqeta (NASDAQ:MQ) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $6.00 price target on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 47.06% from the company’s previous close.

MQ has been the topic of a number of other reports. UBS Group cut 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. Wolfe Research lowered shares of Marqeta from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. Mizuho reissued a “neutral” rating and issued a $4.50 price target (down previously from $8.00) on shares of Marqeta in a report on Thursday, January 8th. Zacks Research downgraded Marqeta from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Marqeta in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Marqeta has a consensus rating of “Reduce” and an average target price of $5.25.

Marqeta Stock Up 1.5%

Shares of Marqeta stock opened at $4.08 on Tuesday. The business has a fifty day simple moving average of $4.53 and a 200 day simple moving average of $5.04. The stock has a market cap of $1.80 billion, a PE ratio of -51.00 and a beta of 1.48. Marqeta has a 12 month low of $3.47 and a 12 month high of $7.04.

Insider Transactions at Marqeta

In other Marqeta news, Director Jason M. Gardner sold 69,043 shares of Marqeta stock in a transaction on Friday, December 19th. The shares were sold at an average price of $5.00, for a total transaction of $345,215.00. Following the transaction, the director directly owned 293,334 shares of the company’s stock, valued at $1,466,670. The trade was a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 218,509 shares of company stock worth $1,092,545 in the last ninety days. Corporate insiders own 12.61% of the company’s stock.

Hedge Funds Weigh In On Marqeta

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in Marqeta during the third quarter worth about $26,000. EFG International AG bought a new position in shares of Marqeta during the 4th quarter valued at approximately $27,000. CWM LLC increased its stake in shares of Marqeta by 82.2% during the 4th quarter. CWM LLC now owns 6,254 shares of the company’s stock worth $30,000 after purchasing an additional 2,821 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Marqeta in the 4th quarter worth approximately $33,000. Finally, Amundi purchased a new position in Marqeta in the fourth quarter valued at approximately $48,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.