Marqeta (NASDAQ:MQ) Lowered to “Underweight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Marqeta (NASDAQ:MQGet Rating) from an equal weight rating to an underweight rating in a report published on Thursday, MarketBeat reports. The brokerage currently has $7.00 price objective on the stock, down from their previous price objective of $11.00.

Other equities research analysts have also recently issued reports about the company. UBS Group initiated coverage on Marqeta in a research note on Tuesday, June 7th. They set a buy rating and a $14.00 target price for the company. Citigroup increased their price target on Marqeta to $14.00 in a research note on Monday, August 15th. Mizuho dropped their price target on Marqeta from $12.00 to $10.00 and set a buy rating for the company in a research note on Monday, August 15th. KeyCorp increased their price target on Marqeta from $11.00 to $12.00 and gave the company an overweight rating in a research note on Thursday, August 11th. Finally, Truist Financial dropped their price target on Marqeta from $20.00 to $16.00 in a research note on Thursday, May 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $14.63.

Marqeta Price Performance

Shares of NASDAQ:MQ opened at $7.38 on Thursday. The company has a market capitalization of $4.01 billion, a P/E ratio of -21.71 and a beta of 2.61. Marqeta has a 1 year low of $6.05 and a 1 year high of $37.90. The business’s 50 day simple moving average is $8.64 and its 200 day simple moving average is $9.59.

Marqeta (NASDAQ:MQGet Rating) last issued its quarterly earnings results on Wednesday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The business had revenue of $186.70 million for the quarter, compared to the consensus estimate of $180.14 million. Marqeta had a negative return on equity of 12.07% and a negative net margin of 29.36%. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.29) earnings per share. On average, sell-side analysts anticipate that Marqeta will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marqeta news, insider Seth R. Weissman sold 100,000 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $9.50, for a total transaction of $950,000.00. Following the completion of the sale, the insider now directly owns 6,157 shares in the company, valued at approximately $58,491.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 22.24% of the company’s stock.

Institutional Trading of Marqeta

Large investors have recently made changes to their positions in the company. Truist Financial Corp grew its stake in shares of Marqeta by 11.5% in the 1st quarter. Truist Financial Corp now owns 15,192 shares of the company’s stock valued at $167,000 after buying an additional 1,566 shares during the period. Mount Yale Investment Advisors LLC boosted its stake in Marqeta by 48.2% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 27,320 shares of the company’s stock valued at $302,000 after purchasing an additional 8,880 shares during the last quarter. Covington Capital Management acquired a new position in Marqeta during the 4th quarter valued at about $732,000. Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Marqeta during the 1st quarter worth approximately $174,000. Finally, Summit Trail Advisors LLC bought a new position in shares of Marqeta during the 4th quarter worth approximately $3,892,000. 67.04% of the stock is currently owned by institutional investors and hedge funds.

About Marqeta

(Get Rating)

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, digital banks, tech giants, and financial institutions.

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