Marqeta (NASDAQ:MQ) Trading Down 5.3% – Here’s What Happened

Marqeta, Inc. (NASDAQ:MQ) traded down 5.3% during trading on Monday . The company traded as low as $16.59 and last traded at $16.4950. 57,535 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,011,598 shares. The stock had previously closed at $17.41.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MQ shares. UBS Group lifted their target price on shares of Marqeta from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Marqeta in a research note on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $20.12.

Marqeta Stock Performance

The business has a 50-day moving average of $16.11 and a 200 day moving average of $16.76. The stock has a market cap of $1.69 billion, a PE ratio of 398.35 and a beta of 1.31.

Marqeta (NASDAQ:MQ) last released its earnings results on Tuesday, May 5th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Marqeta had a net margin of 0.33% and a return on equity of 0.27%. The company had revenue of $165.80 million for the quarter, compared to analyst estimates of $164.30 million. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. Equities analysts expect that Marqeta, Inc. will post 0.14 EPS for the current fiscal year.

Insider Activity at Marqeta

In related news, Director Elaine Paul sold 4,537 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $15.20, for a total transaction of $68,962.40. Following the transaction, the director owned 8,900 shares of the company’s stock, valued at approximately $135,280. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Todd Pollak sold 18,750 shares of Marqeta stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $16.88, for a total transaction of $316,500.00. Following the completion of the sale, the executive directly owned 185,008 shares of the company’s stock, valued at $3,122,935.04. The trade was a 9.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 27,650 shares of company stock worth $463,473 in the last three months. Insiders own 12.61% of the company’s stock.

Hedge Funds Weigh In On Marqeta

Institutional investors have recently added to or reduced their stakes in the business. Capital World Investors purchased a new stake in shares of Marqeta during the 4th quarter valued at $29,115,000. Wellington Management Group LLP increased its holdings in shares of Marqeta by 51.9% during the 3rd quarter. Wellington Management Group LLP now owns 11,798,274 shares of the company’s stock worth $62,295,000 after buying an additional 4,029,486 shares during the last quarter. Southpoint Capital Advisors LP purchased a new position in shares of Marqeta in the 1st quarter worth $12,240,000. Marshall Wace LLP raised its position in shares of Marqeta by 694.3% in the 3rd quarter. Marshall Wace LLP now owns 2,338,737 shares of the company’s stock worth $12,349,000 after buying an additional 2,044,290 shares during the period. Finally, Invesco Ltd. raised its position in shares of Marqeta by 26.8% in the 4th quarter. Invesco Ltd. now owns 8,218,888 shares of the company’s stock worth $39,040,000 after buying an additional 1,736,796 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Marqeta

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.