Marqeta (NASDAQ:MQ) Raised to Overweight at JPMorgan Chase & Co.

Marqeta (NASDAQ:MQ) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Monday, MarketBeat reports. The firm presently has a $6.00 price target on the stock, up from their previous price target of $5.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.94% from the company’s previous close.

A number of other brokerages also recently weighed in on MQ. Barclays raised their target price on shares of Marqeta from $4.00 to $5.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. UBS Group raised their price objective on Marqeta from $4.75 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. The Goldman Sachs Group dropped their target price on Marqeta from $4.50 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods increased their target price on Marqeta from $4.00 to $4.50 and gave the stock a “market perform” rating in a research note on Thursday, May 8th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.18.

Marqeta Stock Performance

MQ stock opened at $5.22 on Monday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 261.00 and a beta of 1.41. The business’s 50 day moving average price is $4.20 and its two-hundred day moving average price is $3.98. Marqeta has a fifty-two week low of $3.37 and a fifty-two week high of $6.00.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $139.07 million for the quarter, compared to analysts’ expectations of $135.66 million. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. Sell-side analysts forecast that Marqeta will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Marqeta by 126.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,097,173 shares of the company’s stock worth $169,322,000 after acquiring an additional 22,928,070 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Marqeta by 3.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 19,860,183 shares of the company’s stock worth $81,824,000 after purchasing an additional 631,132 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Marqeta by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 11,031,591 shares of the company’s stock valued at $41,819,000 after buying an additional 318,184 shares during the last quarter. RPD Fund Management LLC bought a new stake in shares of Marqeta in the 4th quarter valued at about $37,289,000. Finally, North Reef Capital Management LP grew its position in shares of Marqeta by 99.7% in the 4th quarter. North Reef Capital Management LP now owns 7,786,999 shares of the company’s stock worth $29,513,000 after buying an additional 3,886,999 shares during the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Marqeta Company Profile

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.