Marqeta (NASDAQ:MQ) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Marqeta (NASDAQ:MQ) released its earnings results on Tuesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, Briefing.com reports. Marqeta had a negative return on equity of 13.80% and a negative net margin of 32.97%. The firm had revenue of $117.90 million for the quarter, compared to analyst estimates of $117.05 million. During the same period in the previous year, the company earned ($0.13) earnings per share. Marqeta’s revenue was down 45.8% compared to the same quarter last year.

Marqeta Stock Down 3.1 %

Shares of MQ stock traded down $0.18 during mid-day trading on Wednesday, reaching $5.65. The stock had a trading volume of 4,242,848 shares, compared to its average volume of 5,043,231. The firm has a market cap of $2.90 billion, a PE ratio of -13.88 and a beta of 1.81. Marqeta has a one year low of $4.07 and a one year high of $7.36. The firm’s 50 day simple moving average is $5.84 and its 200 day simple moving average is $6.06.

Analysts Set New Price Targets

MQ has been the topic of a number of analyst reports. Monness Crespi & Hardt lifted their price target on Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of Marqeta from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Truist Financial reaffirmed a “buy” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Marqeta in a research note on Thursday, February 29th. Bank of America raised shares of Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Monday, February 12th. Finally, Keefe, Bruyette & Woods lifted their price target on Marqeta from $7.00 to $8.00 and gave the company a “market perform” rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.61.

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.