Congress Asset Management Co. Buys 336,349 Shares of Marqeta, Inc. (NASDAQ:MQ)

Congress Asset Management Co. grew its stake in Marqeta, Inc. (NASDAQ:MQ) by 46.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,055,681 shares of the company’s stock after purchasing an additional 336,349 shares during the quarter. Congress Asset Management Co. owned about 0.20% of Marqeta worth $5,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Marqeta by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,222 shares of the company’s stock valued at $281,000 after purchasing an additional 3,979 shares during the period. Empowered Funds LLC purchased a new position in Marqeta during the first quarter valued at $65,000. Swiss National Bank boosted its holdings in shares of Marqeta by 4.6% during the 1st quarter. Swiss National Bank now owns 784,700 shares of the company’s stock valued at $4,677,000 after buying an additional 34,300 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Marqeta by 7,852.8% in the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after buying an additional 9,973 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of Marqeta by 6.6% in the 1st quarter. ProShare Advisors LLC now owns 84,785 shares of the company’s stock worth $505,000 after acquiring an additional 5,257 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MQ shares. Susquehanna reissued a “positive” rating and set a $9.00 price objective on shares of Marqeta in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods dropped their price target on Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research report on Monday, July 8th. UBS Group reduced their price objective on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. lowered 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. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.11.

Marqeta Stock Performance

NASDAQ MQ opened at $5.85 on Friday. Marqeta, Inc. has a one year low of $4.40 and a one year high of $7.36. The stock has a 50-day moving average of $5.13 and a 200 day moving average of $5.30. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -292.35 and a beta of 1.77.

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

Marqeta Company Profile

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.