Marqeta (NASDAQ:MQ) Lifted to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Marqeta (NASDAQ:MQ) from an equal weight rating to an overweight rating in a research report sent to investors on Tuesday morning, MarketBeat reports. They currently have $7.00 target price on the stock.

MQ has been the subject of a number of other reports. Mizuho lowered their price target on shares of Marqeta from $8.00 to $7.00 and set a buy rating for the company in a research report on Tuesday, May 21st. Keefe, Bruyette & Woods lifted their price target on shares of Marqeta from $7.00 to $8.00 and gave the company a market perform rating in a research report on Friday, March 1st. Truist Financial reissued a buy rating and set a $10.00 price target (up from $9.00) on shares of Marqeta in a research report on Thursday, February 29th. Wedbush reissued a neutral rating and set a $6.00 price target on shares of Marqeta in a research report on Wednesday, May 8th. Finally, William Blair reissued an outperform rating on shares of Marqeta in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Marqeta currently has a consensus rating of Moderate Buy and an average target price of $7.25.

Marqeta Trading Up 0.4 %

Shares of MQ opened at $5.39 on Tuesday. The firm’s 50-day moving average price is $5.43 and its 200-day moving average price is $5.94. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -14.97 and a beta of 1.78. Marqeta has a 1-year low of $4.62 and a 1-year high of $7.36.

Marqeta (NASDAQ:MQ) last announced its earnings results on Tuesday, May 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $117.90 million for the quarter, compared to analyst estimates of $117.05 million. Marqeta had a negative net margin of 32.98% and a negative return on equity of 11.84%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.13) EPS. On average, research analysts forecast that Marqeta will post 0.01 EPS for the current fiscal year.

Insider Transactions at Marqeta

In related news, Director Martha Cummings sold 40,241 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $5.47, for a total transaction of $220,118.27. Following the completion of the sale, the director now directly owns 19,000 shares in the company, valued at $103,930. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.12% of the company’s stock.

Institutional Trading of Marqeta

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in shares of Marqeta by 1.3% in the third quarter. Rhumbline Advisers now owns 762,251 shares of the company’s stock worth $4,558,000 after purchasing an additional 9,670 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Marqeta by 910.5% in the third quarter. PNC Financial Services Group Inc. now owns 25,171 shares of the company’s stock worth $151,000 after purchasing an additional 22,680 shares during the period. Aigen Investment Management LP boosted its position in shares of Marqeta by 6.7% in the third quarter. Aigen Investment Management LP now owns 28,095 shares of the company’s stock worth $168,000 after purchasing an additional 1,763 shares during the period. Mariner LLC boosted its position in shares of Marqeta by 3.9% in the third quarter. Mariner LLC now owns 91,696 shares of the company’s stock worth $548,000 after purchasing an additional 3,461 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Marqeta by 0.6% in the third quarter. Northern Trust Corp now owns 4,370,399 shares of the company’s stock worth $26,135,000 after purchasing an additional 25,920 shares during the period. 78.64% of the stock is currently 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.