Marqeta (NASDAQ:MQ) Price Target Lowered to $5.00 at JPMorgan Chase & Co.

Marqeta (NASDAQ:MQ) had its target price trimmed by JPMorgan Chase & Co. from $6.00 to $5.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts also recently commented on the stock. Morgan Stanley cut their price objective on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft downgraded Marqeta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $9.00 to $4.00 in a research report on Tuesday. Monness Crespi & Hardt cut Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price for the company. in a report on Tuesday. Wells Fargo & Company lowered Marqeta from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $7.00 to $5.00 in a report on Tuesday. Finally, Susquehanna lowered their price target on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research report on Tuesday. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.33.

Marqeta Trading Down 42.5 %

Marqeta stock opened at $3.42 on Tuesday. The firm has a market cap of $1.74 billion, a PE ratio of -170.91 and a beta of 1.73. Marqeta has a 12 month low of $3.37 and a 12 month high of $7.36. The stock’s 50 day simple moving average is $5.14 and its two-hundred day simple moving average is $5.30.

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

Institutional Trading of Marqeta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Visa Foundation purchased a new position in Marqeta in the second quarter valued at $68,197,000. Capital International Investors boosted its stake in shares of Marqeta by 203.1% in the 1st quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock valued at $40,998,000 after buying an additional 4,609,526 shares during the period. Vanguard Group Inc. grew its position in shares of Marqeta by 3.6% during the first quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after buying an additional 1,642,621 shares in the last quarter. Westfield Capital Management Co. LP grew its position in shares of Marqeta by 27.6% during the first quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock worth $44,216,000 after buying an additional 1,604,223 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Marqeta by 65.6% during the second quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock worth $14,362,000 after buying an additional 1,038,577 shares during the period. Hedge funds and other 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.