Scopia Capital Management LP Sells 1,944,788 Shares of Marqeta, Inc. (NASDAQ:MQ)

Scopia Capital Management LP decreased its stake in Marqeta, Inc. (NASDAQ:MQ) by 31.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,266,325 shares of the company’s stock after selling 1,944,788 shares during the period. Marqeta makes up 4.3% of Scopia Capital Management LP’s investment portfolio, making the stock its 8th largest holding. Scopia Capital Management LP owned 0.84% of Marqeta worth $20,990,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MQ. J.Safra Asset Management Corp boosted its position in Marqeta by 633.2% during the second 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 in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Marqeta in the 3rd quarter worth about $59,000. Russell Investments Group Ltd. boosted 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 in the last quarter. Magnetar Financial LLC acquired a new stake in Marqeta in the 2nd quarter valued at about $61,000. Finally, XTX Topco Ltd purchased a new position in Marqeta during the 2nd quarter valued at about $72,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Monness Crespi & Hardt cut Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price on the stock. in a report on Tuesday, November 5th. KeyCorp lowered Marqeta from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group dropped their price objective on Marqeta from $5.50 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lowered shares of Marqeta from a “buy” rating to a “hold” rating and reduced their target price for the company from $9.00 to $4.00 in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods lowered 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. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Marqeta presently has an average rating of “Hold” and a consensus price target of $6.27.

Marqeta Price Performance

NASDAQ:MQ opened at $3.88 on Friday. The business’s 50-day moving average is $4.71 and its two-hundred day moving average is $5.10. The firm has a market capitalization of $1.95 billion, a PE ratio of 194.00 and a beta of 1.73. Marqeta, Inc. has a 12 month low of $3.37 and a 12 month high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data 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 firm had revenue of $127.90 million during the quarter, compared to analyst estimates of $128.05 million. During the same period last year, the business earned ($0.07) EPS. The firm’s revenue was up 20.8% compared to the same quarter last year. Equities analysts anticipate that Marqeta, Inc. will post 0.06 EPS for the current year.

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.