Marqeta (NASDAQ:MQ) Issues Quarterly Earnings Results

Marqeta (NASDAQ:MQ) announced its quarterly earnings results on Wednesday. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04, Briefing.com reports. Marqeta had a negative return on equity of 11.84% and a negative net margin of 32.98%. The company had revenue of $125.30 million for the quarter, compared to the consensus estimate of $121.87 million. During the same quarter last year, the company posted ($0.07) earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year.

Marqeta Price Performance

Shares of Marqeta stock remained flat at $5.35 during trading on Friday. The company had a trading volume of 5,706,212 shares, compared to its average volume of 5,034,981. The stock has a 50 day moving average of $5.31 and a 200-day moving average of $5.69. Marqeta has a fifty-two week low of $4.40 and a fifty-two week high of $7.36. The firm has a market capitalization of $2.77 billion, a PE ratio of -14.86 and a beta of 1.78.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Monness Crespi & Hardt raised their price objective on shares of Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Susquehanna restated a “positive” rating and issued a $9.00 price objective on shares of Marqeta in a research note on Tuesday. Wedbush restated a “neutral” rating and issued a $6.00 price objective on shares of Marqeta in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.09.

Insider Activity at Marqeta

In related news, Director Martha Cummings sold 40,241 shares of Marqeta stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total value 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 filing with the SEC, which is available through the SEC website. 12.12% of the stock is currently owned by company insiders.

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.