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

Wells Fargo & Company lowered shares of Marqeta (NASDAQ:MQ) from an overweight rating to an equal weight rating in a report published on Tuesday morning, Marketbeat.com reports. The brokerage currently has $5.00 target price on the stock, down from their previous target price of $7.00.

Several other research analysts have also issued reports on the stock. Susquehanna reissued a “positive” rating and issued a $9.00 price target on shares of Marqeta in a research report on Tuesday, August 6th. UBS Group cut their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. William Blair lowered Marqeta from an “outperform” rating to a “market perform” rating in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.27.

Marqeta Trading Down 2.3 %

Shares of NASDAQ:MQ opened at $3.74 on Tuesday. The firm has a market capitalization of $1.90 billion, a PE ratio of 187.00 and a beta of 1.73. Marqeta has a 1-year low of $3.37 and a 1-year high of $7.36. The business’s 50 day moving average is $5.05 and its 200-day moving average is $5.27.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a net margin of 2.86% and a return on equity of 1.20%. The business had revenue of $127.90 million during the quarter, compared to the consensus estimate of $128.05 million. During the same period last year, the firm earned ($0.07) EPS. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts predict that Marqeta will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

A number of institutional investors have recently modified their holdings of MQ. Vanguard Group Inc. grew its stake in shares of Marqeta by 3.6% during the first quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock valued at $282,717,000 after purchasing an additional 1,642,621 shares during the last quarter. Visa Foundation acquired a new position in Marqeta during the 2nd quarter worth $68,197,000. Dimensional Fund Advisors LP boosted its position in Marqeta by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock valued at $40,759,000 after buying an additional 389,045 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Marqeta by 27.6% during the first quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock worth $44,216,000 after acquiring an additional 1,604,223 shares during the last quarter. Finally, Capital International Investors raised its position in shares of 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 acquiring an additional 4,609,526 shares during the last quarter. 78.64% of the stock is owned by institutional investors.

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.