Marqeta (NASDAQ:MQ) Shares Gap Down – Here’s What Happened

Marqeta, Inc. (NASDAQ:MQ) shares gapped down prior to trading on Tuesday . The stock had previously closed at $4.02, but opened at $3.78. Marqeta shares last traded at $3.95, with a volume of 464,682 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MQ. Mizuho reduced their price objective on Marqeta from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. KeyCorp cut Marqeta from an “overweight” rating to a “sector weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company downgraded Marqeta from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $7.00 to $5.00 in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods cut their target price on shares of Marqeta from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.27.

Marqeta Stock Performance

The stock has a fifty day simple moving average of $4.76 and a two-hundred day simple moving average of $5.11. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 193.50 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last released its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The business had revenue of $127.90 million for the quarter, compared to analyst estimates of $128.05 million. During the same period in the prior year, the business earned ($0.07) EPS. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. Research analysts forecast that Marqeta, Inc. will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

Large investors have recently bought and sold shares of the stock. J.Safra Asset Management Corp grew its stake in Marqeta by 633.2% in the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after acquiring an additional 5,300 shares during the period. Point72 DIFC Ltd bought a new stake in Marqeta during the 3rd quarter valued at $57,000. CreativeOne Wealth LLC acquired a new position in Marqeta during the third quarter worth $59,000. Russell Investments Group Ltd. lifted its stake in shares of Marqeta by 7,852.8% in the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after buying an additional 9,973 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of Marqeta in the second quarter valued at $61,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.