Marqeta (NASDAQ:MQ) PT Lowered to $6.00 at JPMorgan Chase & Co.

Marqeta (NASDAQ:MQ) had its price objective lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a report released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on MQ. Wells Fargo & Company raised shares of Marqeta from an equal weight rating to an overweight rating and set a $7.00 price target for the company in a report on Tuesday, June 25th. Monness Crespi & Hardt increased their target price on shares of Marqeta from $7.50 to $8.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Barclays decreased their price target on shares of Marqeta from $8.00 to $7.00 and set an overweight rating on the stock in a research report on Thursday, May 9th. Wedbush reaffirmed a neutral rating and issued a $6.00 price target on shares of Marqeta in a report on Wednesday, May 8th. Finally, Mizuho reduced their price objective on Marqeta from $8.00 to $7.00 and set a buy rating for the company in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $7.09.

Marqeta Price Performance

NASDAQ:MQ remained flat at $5.35 during midday trading on Thursday. The company had a trading volume of 5,706,212 shares, compared to its average volume of 5,034,981. The company has a market cap of $2.77 billion, a P/E ratio of -14.86 and a beta of 1.78. Marqeta has a 1 year low of $4.40 and a 1 year high of $7.36. The company’s 50 day moving average price is $5.31 and its 200-day moving average price is $5.69.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.04. The company had revenue of $125.30 million for the quarter, compared to analysts’ expectations of $121.87 million. Marqeta had a negative return on equity of 11.84% and a negative net margin of 32.98%. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period last year, the firm earned ($0.07) EPS. As a group, analysts forecast that Marqeta will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Martha Cummings sold 40,241 shares of the firm’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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 12.12% of the company’s stock.

Institutional Investors Weigh In On Marqeta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MQ. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Marqeta by 6.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 220,625 shares of the company’s stock worth $1,540,000 after purchasing an additional 12,498 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Marqeta by 38.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 43,243 shares of the company’s stock valued at $302,000 after buying an additional 12,036 shares in the last quarter. Sapient Capital LLC acquired a new stake in shares of Marqeta in the fourth quarter worth about $177,000. SVB Wealth LLC bought a new stake in shares of Marqeta during the 4th quarter worth about $70,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Marqeta by 6.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,857 shares of the company’s stock valued at $620,000 after acquiring an additional 5,306 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.