Marqeta (NASDAQ:MQ) Downgraded by Zacks Research to Hold

Marqeta (NASDAQ:MQ) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

A number of other research analysts have also recently issued reports on MQ. Keefe, Bruyette & Woods lifted their price objective on Marqeta from $18.00 to $19.00 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Marqeta from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Marqeta presently has an average rating of “Hold” and a consensus price target of $19.71.

Marqeta Price Performance

Marqeta stock opened at $18.18 on Tuesday. The business has a 50 day simple moving average of $16.47 and a 200 day simple moving average of $16.44. The company has a market capitalization of $1.89 billion, a PE ratio of 165.27 and a beta of 1.21. Marqeta has a one year low of $14.80 and a one year high of $22.28.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. Marqeta had a return on equity of 1.36% and a net margin of 1.53%. The firm had revenue of $176.00 million for the quarter, compared to analysts’ expectations of $172.96 million. Marqeta’s revenue for the quarter was up 17.0% compared to the same quarter last year. Equities analysts anticipate that Marqeta will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Marqeta

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Marqeta by 36.7% during the second quarter. Wellington Management Group LLP now owns 13,887,312 shares of the company’s stock valued at $56,382,000 after purchasing an additional 3,727,289 shares during the last quarter. Renaissance Technologies LLC increased its position in Marqeta by 2.1% in the first quarter. Renaissance Technologies LLC now owns 11,580,288 shares of the company’s stock worth $47,248,000 after purchasing an additional 237,933 shares during the period. Dimensional Fund Advisors LP raised its holdings in Marqeta by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,779,290 shares of the company’s stock worth $35,818,000 after purchasing an additional 567,673 shares during the last quarter. North Reef Capital Management LP raised its holdings in Marqeta by 23.3% during the 1st quarter. North Reef Capital Management LP now owns 7,400,000 shares of the company’s stock worth $30,192,000 after purchasing an additional 1,400,000 shares during the last quarter. Finally, Southpoint Capital Advisors LP acquired a new position in Marqeta during the 1st quarter valued at about $12,240,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Marqeta

Marqeta, Inc is a financial technology company that provides a modern card-issuing and payment-processing platform. Its cloud-based infrastructure enables businesses to create, launch and manage physical, virtual and tokenized payment cards through application programming interfaces (APIs), without building a card program and processing network entirely in-house.

The Marqeta platform supports transaction processing, authorization, funding, digital wallet integration, card controls and fraud prevention.