Marqeta (NASDAQ:MQ) Shares Gap Up After Analyst Upgrade

Marqeta, Inc. (NASDAQ:MQ – Get Rating) gapped up before the market opened on Friday after KeyCorp raised their price target on the stock from $11.00 to $12.00. The stock had previously closed at $8.34, but opened at $8.68. KeyCorp currently has an overweight rating on the stock. Marqeta shares last traded at $8.55, with a volume of 44,414 shares changing hands.

A number of other equities analysts have also recently commented on the company. UBS Group assumed coverage on Marqeta in a report on Tuesday, June 7th. They set a “buy” rating and a $14.00 target price for the company. Morgan Stanley upgraded shares of Marqeta from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research note on Tuesday, May 24th. Truist Financial cut their target price on shares of Marqeta from $20.00 to $16.00 in a research report on Thursday, May 12th. Credit Suisse Group began coverage on shares of Marqeta in a research report on Tuesday, May 3rd. They set an “outperform” rating and a $13.50 target price for the company. Finally, Piper Sandler assumed coverage on shares of Marqeta in a report on Thursday, April 14th. They set an “overweight” rating and a $13.00 price target for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.90.

Insiders Place Their Bets

In related news, insider Seth R. Weissman sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $9.50, for a total value of $950,000.00. Following the completion of the sale, the insider now directly owns 6,157 shares in the company, valued at approximately $58,491.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Marqeta

Several large investors have recently added to or reduced their stakes in the business. Aaron Wealth Advisors LLC bought a new position in shares of Marqeta in the first quarter worth approximately $200,000. Bronson Point Management LLC purchased a new stake in Marqeta in the fourth quarter worth approximately $52,000. CWM LLC purchased a new position in shares of Marqeta during the 4th quarter worth $54,000. Advisors Asset Management Inc. purchased a new position in shares of Marqeta during the 1st quarter worth $38,000. Finally, FourThought Financial LLC bought a new stake in Marqeta in the 1st quarter valued at $51,000. Institutional investors and hedge funds own 50.31% of the company’s stock.

Market Stock Performance

The business’s fifty day moving average price is $9.43 and its two hundred day moving average price is $10.01. The stock has a market capitalization of $4.62 billion, a P/E ratio of -25.01 and a beta of 2.59.

Marqeta (NASDAQ:MQ – Get Rating) last announced its quarterly earnings results on Wednesday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. Marqeta had a negative return on equity of 12.01% and a negative net margin of 29.36%. The business had revenue of $186.70 million for the quarter, compared to the consensus estimate of $180.14 million. During the same period last year, the business posted ($0.29) EPS. The business’s revenue was up 52.7% compared to the same quarter last year. As a group, analysts forecast that Marqeta, Inc. will post -0.42 earnings per share for the current year.

About Marqeta

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Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.

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