Marqeta (NASDAQ:MQ) Lowered to Sector Weight Rating by KeyCorp

Marqeta (NASDAQ:MQ) was downgraded by stock analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research note issued on Tuesday, FinViz reports.

Several other analysts also recently weighed in on the company. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price target on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Monday, July 8th. JPMorgan Chase & Co. decreased their price objective on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. UBS Group cut their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Wells Fargo & Company downgraded shares of Marqeta from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $7.00 to $5.00 in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Marqeta presently has a consensus rating of “Hold” and an average target price of $6.77.

Marqeta Stock Up 1.7 %

Shares of Marqeta stock opened at $5.95 on Tuesday. The company has a 50 day moving average price of $5.14 and a 200 day moving average price of $5.30. The firm has a market capitalization of $3.02 billion, a P/E ratio of -297.35 and a beta of 1.73. Marqeta has a 52 week low of $4.40 and a 52 week high of $7.36.

Marqeta (NASDAQ:MQ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $125.30 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) earnings per share. As a group, research analysts anticipate that Marqeta will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd raised its position in Marqeta by 17,340.0% during the first quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after acquiring an additional 4,335 shares during the period. J.Safra Asset Management Corp raised its position in shares of Marqeta by 633.2% during the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock worth $34,000 after purchasing an additional 5,300 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Marqeta by 7,852.8% in the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after buying an additional 9,973 shares in the last quarter. Empowered Funds LLC purchased a new stake in Marqeta during the 1st quarter valued at about $65,000. Finally, Magnetar Financial LLC purchased a new position in Marqeta during the second quarter worth approximately $61,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.