Marqeta (NASDAQ:MQ) Shares Gap Down – Here’s What Happened

Marqeta, Inc. (NASDAQ:MQ)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $4.02, but opened at $3.78. Marqeta shares last traded at $3.95, with a volume of 464,682 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Monness Crespi & Hardt cut shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price for the company. in a research report on Tuesday, November 5th. KeyCorp cut shares of Marqeta from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, November 5th. Wells Fargo & Company cut shares of Marqeta from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $7.00 to $5.00 in a research report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their target price on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Finally, Morgan Stanley reduced their target price on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.27.

Marqeta Stock Down 2.7 %

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 201.00 and a beta of 1.73. The company has a 50 day simple moving average of $4.78 and a 200 day simple moving average of $5.12.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC increased its stake in shares of Marqeta by 8.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 44,883 shares of the company’s stock valued at $246,000 after buying an additional 3,548 shares during the period. Primecap Management Co. CA increased its position in Marqeta by 0.7% during the 3rd quarter. Primecap Management Co. CA now owns 488,300 shares of the company’s stock valued at $2,402,000 after purchasing an additional 3,627 shares during the period. J.Safra Asset Management Corp increased its position in Marqeta by 633.2% during the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares during the period. Principal Financial Group Inc. increased its position in Marqeta by 9.9% during the 2nd quarter. Principal Financial Group Inc. now owns 60,636 shares of the company’s stock valued at $332,000 after purchasing an additional 5,481 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Marqeta by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 252,728 shares of the company’s stock valued at $1,385,000 after purchasing an additional 5,515 shares during the period. Institutional investors and hedge funds 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.