Wells Fargo & Company Downgrades Marqeta (NASDAQ:MQ) to Equal Weight

Wells Fargo & Company downgraded shares of Marqeta (NASDAQ:MQ) from an overweight rating to an equal weight rating in a research note released on Tuesday morning, Marketbeat Ratings reports. They currently have $5.00 price objective on the stock, down from their previous price objective of $7.00.

Several other research analysts have also commented on MQ. JPMorgan Chase & Co. decreased their target price on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Keefe, Bruyette & Woods decreased their price objective on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Monday, July 8th. UBS Group dropped their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Susquehanna reaffirmed a “positive” rating and issued a $9.00 price target on shares of Marqeta in a report on Tuesday, August 6th. Finally, William Blair downgraded shares of Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday. 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.com, Marqeta presently has a consensus rating of “Hold” and an average target price of $6.33.

Marqeta Price Performance

Shares of MQ stock opened at $3.42 on Tuesday. The firm has a fifty day moving average of $5.14 and a two-hundred day moving average of $5.30. The firm has a market cap of $1.74 billion, a P/E ratio of -170.91 and a beta of 1.73. Marqeta has a 1-year low of $3.37 and a 1-year high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. Marqeta had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) EPS. On average, sell-side analysts expect that Marqeta will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC boosted its stake in Marqeta by 8.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 44,883 shares of the company’s stock valued at $246,000 after purchasing an additional 3,548 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Marqeta by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 47,222 shares of the company’s stock valued at $281,000 after buying an additional 3,979 shares in the last quarter. Covestor Ltd grew its holdings in Marqeta by 17,340.0% during the first quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after acquiring an additional 4,335 shares during the period. ProShare Advisors LLC raised its position in Marqeta by 6.6% in the first quarter. ProShare Advisors LLC now owns 84,785 shares of the company’s stock worth $505,000 after acquiring an additional 5,257 shares in the last quarter. Finally, J.Safra Asset Management Corp lifted its holdings in Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after acquiring an additional 5,300 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

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.