Primecap Management Co. CA Has $2.40 Million Stock Holdings in Marqeta, Inc. (NASDAQ:MQ)

Primecap Management Co. CA lifted its position in shares of Marqeta, Inc. (NASDAQ:MQ) by 0.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 488,300 shares of the company’s stock after purchasing an additional 3,627 shares during the quarter. Primecap Management Co. CA owned 0.10% of Marqeta worth $2,402,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Marqeta by 3.6% during the first quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after acquiring an additional 1,642,621 shares in the last quarter. Visa Foundation acquired a new stake in shares of Marqeta during the second quarter worth about $68,197,000. Dimensional Fund Advisors LP lifted its holdings in shares of Marqeta by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock valued at $40,759,000 after purchasing an additional 389,045 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Marqeta by 65.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock valued at $14,362,000 after purchasing an additional 1,038,577 shares during the period. Finally, ZWJ Investment Counsel Inc. increased its stake in Marqeta by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 2,038,246 shares of the company’s stock worth $10,028,000 after purchasing an additional 49,104 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on MQ shares. Keefe, Bruyette & Woods reduced their price target on shares of Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Tuesday, November 5th. Wells Fargo & Company cut shares of Marqeta from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $7.00 to $5.00 in a research report on Tuesday, November 5th. Morgan Stanley lowered their target price on Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Finally, KeyCorp lowered Marqeta from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, November 5th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.27.

Marqeta Price Performance

Marqeta stock opened at $4.05 on Friday. The company’s 50-day moving average is $4.80 and its 200-day moving average is $5.15. The firm has a market capitalization of $2.03 billion, a PE ratio of 202.50 and a beta of 1.73. Marqeta, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $7.36.

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

Marqeta 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.