Marqeta (NASDAQ:MQ) Trading Down 4.1% on Analyst Downgrade

Posted by on May 18th, 2023

Marqeta, Inc. (NASDAQ:MQ – Get Rating) shares fell 4.1% on Wednesday after Mizuho lowered their price target on the stock from $7.00 to $6.00. The company traded as low as $4.20 and last traded at $4.21. 6,770,544 shares were traded during trading, an increase of 5% from the average session volume of 6,439,390 shares. The stock had previously closed at $4.39.

Other analysts have also issued research reports about the company. The Goldman Sachs Group lowered their target price on Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, March 1st. Barclays lowered their target price on Marqeta from $10.00 to $6.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Sumitomo Mitsui Financial Group raised Marqeta from an “underperform” rating to a “neutral” rating and set a $8.00 target price on the stock in a report on Wednesday, January 18th. Morgan Stanley lowered Marqeta from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.00 to $4.50 in a report on Monday, April 3rd. Finally, Credit Suisse Group decreased their price objective on Marqeta from $13.50 to $8.00 and set an “outperform” rating on the stock in a report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.15.

Hedge Funds Weigh In On Marqeta

Several institutional investors have recently bought and sold shares of MQ. Capital Research Global Investors raised its position in Marqeta by 349.7% in the 1st quarter. Capital Research Global Investors now owns 37,142,171 shares of the company’s stock valued at $410,050,000 after purchasing an additional 28,882,196 shares during the last quarter. Visa Inc. bought a new position in Marqeta in the 1st quarter valued at $137,389,000. FMR LLC raised its position in Marqeta by 115.8% in the 1st quarter. FMR LLC now owns 17,762,677 shares of the company’s stock valued at $81,175,000 after purchasing an additional 9,531,356 shares during the last quarter. State Street Corp raised its position in Marqeta by 785.9% in the 2nd quarter. State Street Corp now owns 8,385,190 shares of the company’s stock valued at $68,004,000 after purchasing an additional 7,438,632 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Marqeta by 87.7% in the 1st quarter. Vanguard Group Inc. now owns 15,582,276 shares of the company’s stock valued at $172,028,000 after purchasing an additional 7,280,853 shares during the last quarter. Institutional investors own 61.35% of the company’s stock.

Marqeta Stock Performance

The company has a 50-day simple moving average of $4.20 and a 200-day simple moving average of $5.61. The stock has a market cap of $2.26 billion, a P/E ratio of -11.64 and a beta of 1.80.

Marqeta (NASDAQ:MQ – Get Rating) last released its earnings results on Tuesday, May 9th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.03). The firm had revenue of $217.40 million during the quarter, compared to analyst estimates of $211.79 million. Marqeta had a negative net margin of 24.14% and a negative return on equity of 12.97%. The firm’s quarterly revenue was up 30.9% on a year-over-year basis. During the same period last year, the business posted ($0.11) earnings per share. As a group, sell-side analysts expect that Marqeta, Inc. will post -0.36 earnings per share for the current fiscal year.

Marqeta Company Profile

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Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.

Further Reading

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