Marqeta (NASDAQ:MQ) Lowered to Equal Weight Rating by Wells Fargo & Company

by · The Markets Daily

Marqeta (NASDAQ:MQ – Get Free Report) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, FinViz reports. They currently have a $5.00 price objective on the stock, down from their prior price objective of $7.00. Wells Fargo & Company‘s target price points to a potential downside of 15.97% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. William Blair cut shares of Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday. Susquehanna restated a “positive” rating and issued a $9.00 target price on shares of Marqeta in a research note on Tuesday, August 6th. JPMorgan Chase & Co. cut their price target on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Keefe, Bruyette & Woods lowered their price objective on Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Finally, UBS Group cut their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.77.

Check Out Our Latest Research Report on Marqeta

Marqeta Trading Up 1.7 %

Shares of Marqeta stock opened at $5.95 on Tuesday. The firm has a market capitalization of $3.02 billion, a P/E ratio of -297.35 and a beta of 1.73. The business’s fifty day simple moving average is $5.14 and its 200 day simple moving average is $5.30. Marqeta has a 12 month low of $4.40 and a 12 month high of $7.36.

Marqeta (NASDAQ:MQ – Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company had revenue of $125.30 million for the quarter, compared to the consensus estimate of $121.87 million. During the same period in the previous year, the firm earned ($0.07) EPS. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. Analysts predict that Marqeta will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Marqeta

Institutional investors have recently added to or reduced their stakes in the business. Visa Foundation bought a new stake in shares of Marqeta during the 2nd quarter worth $68,197,000. Capital International Investors lifted its stake in Marqeta by 203.1% during the first quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock worth $40,998,000 after purchasing an additional 4,609,526 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Marqeta by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after purchasing an additional 1,642,621 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Marqeta by 27.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock valued at $44,216,000 after purchasing an additional 1,604,223 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Marqeta by 65.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock valued at $14,362,000 after buying an additional 1,038,577 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors.

Marqeta Company Profile

(Get Free Report)

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.

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