Marqeta (NASDAQ:MQ) Sees Unusually-High Trading Volume – Here’s Why

Marqeta, Inc. (NASDAQ:MQ) shares saw unusually-strong trading volume on Wednesday . Approximately 15,111,802 shares changed hands during mid-day trading, an increase of 207% from the previous session’s volume of 4,920,865 shares.The stock last traded at $3.57 and had previously closed at $3.42.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MQ shares. Monness Crespi & Hardt lowered Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price objective for the company. in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Wells Fargo & Company cut shares of Marqeta from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $7.00 to $5.00 in a research report on Tuesday. Finally, Susquehanna dropped their price target on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating for the company in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.27.

Marqeta Trading Up 11.1 %

The company has a market cap of $1.93 billion, a PE ratio of 190.00 and a beta of 1.73. The company has a fifty day simple moving average of $5.11 and a two-hundred day simple moving average of $5.29.

Marqeta (NASDAQ:MQ) last released its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Marqeta had a return on equity of 1.17% and a net margin of 2.86%. The firm had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $128.05 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. On average, research analysts anticipate that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Covestor Ltd increased its position in shares of 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 purchasing an additional 4,335 shares in the last quarter. J.Safra Asset Management Corp increased its position in Marqeta by 633.2% during the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock worth $34,000 after buying an additional 5,300 shares during the period. Russell Investments Group Ltd. lifted its stake in Marqeta by 7,852.8% in the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after buying an additional 9,973 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Marqeta in the first quarter valued at approximately $65,000. Finally, Magnetar Financial LLC purchased a new position in shares of Marqeta during the second quarter worth approximately $61,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Marqeta Company Profile

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.