Marqeta (NASDAQ:MQ) Shares Gap Up After Strong Earnings

Shares of Marqeta, Inc. (NASDAQ:MQ) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $3.51, but opened at $4.01. Marqeta shares last traded at $4.24, with a volume of 4,839,128 shares changing hands.

The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $135.79 million for the quarter, compared to analyst estimates of $132.71 million. Marqeta had a net margin of 2.86% and a return on equity of 1.20%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MQ. Keefe, Bruyette & Woods dropped their price target on shares of Marqeta from $5.00 to $4.00 and set a “market perform” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group upped their price target on shares of Marqeta from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley dropped their price target on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Susquehanna dropped their price target on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research note on Tuesday, November 5th. Finally, Monness Crespi & Hardt cut shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price target on the stock. in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.33.

Hedge Funds Weigh In On Marqeta

Several institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System grew its holdings in shares of Marqeta by 2.5% during the 4th quarter. Arizona State Retirement System now owns 116,397 shares of the company’s stock valued at $441,000 after purchasing an additional 2,860 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Marqeta by 7.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 46,670 shares of the company’s stock valued at $174,000 after buying an additional 3,155 shares during the period. Xponance Inc. boosted its position in Marqeta by 11.5% during the 4th quarter. Xponance Inc. now owns 34,314 shares of the company’s stock valued at $130,000 after buying an additional 3,546 shares during the period. Primecap Management Co. CA boosted its position in Marqeta by 0.7% during the 3rd quarter. Primecap Management Co. CA now owns 488,300 shares of the company’s stock valued at $2,402,000 after buying an additional 3,627 shares during the period. Finally, Summit Investment Advisors Inc. boosted its position in Marqeta by 8.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 49,615 shares of the company’s stock valued at $188,000 after buying an additional 3,938 shares during the period. Institutional investors own 78.64% of the company’s stock.

Marqeta Stock Performance

The firm has a market cap of $2.10 billion, a PE ratio of 209.00 and a beta of 1.52. The company’s 50-day simple moving average is $3.78 and its two-hundred day simple moving average is $4.39.

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.