Wedbush Reiterates Neutral Rating for Marqeta (NASDAQ:MQ)

Wedbush reissued their neutral rating on shares of Marqeta (NASDAQ:MQ) in a research note published on Wednesday morning, Benzinga reports. They currently have a $6.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on MQ. Wells Fargo & Company boosted their target price on shares of Marqeta from $6.00 to $7.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. Keefe, Bruyette & Woods boosted their price objective on shares of Marqeta from $7.00 to $8.00 and gave the stock a market perform rating in a research note on Friday, March 1st. William Blair reiterated an outperform rating on shares of Marqeta in a research note on Wednesday. Bank of America upgraded shares of Marqeta from a neutral rating to a buy rating and set a $7.00 price objective for the company in a research note on Monday, February 12th. Finally, Barclays boosted their price objective on shares of Marqeta from $7.00 to $8.00 and gave the stock an overweight rating in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Marqeta presently has a consensus rating of Moderate Buy and a consensus target price of $7.43.

Marqeta Stock Up 1.0 %

Shares of NASDAQ:MQ traded up $0.06 during trading on Wednesday, reaching $5.90. The stock had a trading volume of 6,816,938 shares, compared to its average volume of 5,139,853. The business has a fifty day moving average price of $5.81 and a 200-day moving average price of $6.06. The stock has a market cap of $3.03 billion, a P/E ratio of -13.52 and a beta of 1.81. Marqeta has a fifty-two week low of $4.07 and a fifty-two week high of $7.36.

Marqeta (NASDAQ:MQ) last released its earnings results on Tuesday, May 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Marqeta had a negative net margin of 32.97% and a negative return on equity of 13.80%. The firm had revenue of $117.90 million during the quarter, compared to the consensus estimate of $117.05 million. During the same period in the previous year, the firm earned ($0.13) earnings per share. Marqeta’s revenue was down 45.8% compared to the same quarter last year. As a group, equities analysts forecast that Marqeta will post -0.35 EPS for the current year.

Institutional Trading of Marqeta

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in shares of Marqeta by 27.1% during the third quarter. FMR LLC now owns 28,456,412 shares of the company’s stock worth $170,169,000 after purchasing an additional 6,058,777 shares during the period. Westfield Capital Management Co. LP acquired a new stake in shares of Marqeta during the third quarter worth $30,347,000. Norges Bank acquired a new stake in shares of Marqeta during the fourth quarter worth $27,739,000. Alkeon Capital Management LLC grew its position in shares of Marqeta by 94.2% during the third quarter. Alkeon Capital Management LLC now owns 5,155,103 shares of the company’s stock worth $30,828,000 after acquiring an additional 2,500,000 shares during the last quarter. Finally, Capital International Investors bought a new position in shares of Marqeta during the fourth quarter worth about $15,840,000. 78.64% of the stock is owned by institutional investors and hedge funds.

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.