Marqeta (NASDAQ:MQ) Trading Down 4.8%

Marqeta, Inc. (NASDAQ:MQ) shares dropped 4.8% during trading on Friday . The stock traded as low as $5.43 and last traded at $5.51. Approximately 2,003,558 shares were traded during trading, a decline of 61% from the average daily volume of 5,165,874 shares. The stock had previously closed at $5.79.

Analysts Set New Price Targets

MQ has been the topic of several analyst reports. Barclays increased their price target on shares of Marqeta from $7.00 to $8.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Keefe, Bruyette & Woods raised their target price on shares of Marqeta from $7.00 to $8.00 and gave the company a “market perform” rating in a research note on Friday, March 1st. Bank of America upgraded shares of Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Monday, February 12th. Monness Crespi & Hardt began coverage on shares of Marqeta in a research note on Tuesday, April 2nd. They issued a “buy” rating and a $7.50 target price on the stock. Finally, Wells Fargo & Company raised their target price on shares of Marqeta from $6.00 to $7.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.57.

Marqeta Trading Down 6.0 %

The business’s fifty day simple moving average is $6.10 and its two-hundred day simple moving average is $6.08. The stock has a market capitalization of $2.80 billion, a P/E ratio of -12.95 and a beta of 1.84.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $118.82 million during the quarter, compared to the consensus estimate of $110.80 million. Marqeta had a negative net margin of 32.97% and a negative return on equity of 13.80%. The firm’s revenue for the quarter was down 41.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. On average, equities research analysts anticipate that Marqeta, Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On Marqeta

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amundi bought a new position in Marqeta during the 4th quarter valued at about $27,000. Advisors Asset Management Inc. bought a new position in Marqeta during the 1st quarter valued at about $38,000. IHT Wealth Management LLC bought a new position in Marqeta during the 1st quarter valued at about $50,000. Delphia USA Inc. bought a new position in Marqeta during the 1st quarter valued at about $52,000. Finally, Captrust Financial Advisors bought a new position in Marqeta during the 1st quarter valued at about $53,000. 78.64% of the stock is owned by institutional investors.

About Marqeta

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. It offers its solutions in various verticals, including financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later.