Marqeta (NASDAQ:MQ) Rating Lowered to Equal Weight at Wells Fargo & Company

Marqeta (NASDAQ:MQ) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday, FinViz reports. They presently have a $5.00 target price on the stock, down from their prior target price of $7.00. Wells Fargo & Company‘s price objective would indicate a potential downside of 15.97% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Susquehanna restated a “positive” rating and issued a $9.00 price target on shares of Marqeta in a research note on Tuesday, August 6th. William Blair cut Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Keefe, Bruyette & Woods decreased their target price on Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a research report on Monday, July 8th. Finally, UBS Group lowered their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.77.

Marqeta Trading Up 1.7 %

Shares of NASDAQ:MQ opened at $5.95 on Tuesday. The stock has a fifty day simple moving average of $5.14 and a two-hundred day simple moving average of $5.30. Marqeta has a 12-month low of $4.40 and a 12-month high of $7.36. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -297.35 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The company had revenue of $125.30 million for the quarter, compared to analysts’ expectations of $121.87 million. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. Marqeta’s revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) EPS. As a group, equities research analysts predict that Marqeta will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

A number of institutional investors have recently bought and sold shares of MQ. Vanguard Personalized Indexing Management LLC increased its position in Marqeta by 8.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 44,883 shares of the company’s stock worth $246,000 after buying an additional 3,548 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Marqeta by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,222 shares of the company’s stock valued at $281,000 after acquiring an additional 3,979 shares during the period. Covestor Ltd increased its holdings in Marqeta by 17,340.0% in the 1st quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after acquiring an additional 4,335 shares in the last quarter. ProShare Advisors LLC raised its stake in Marqeta by 6.6% during the 1st quarter. ProShare Advisors LLC now owns 84,785 shares of the company’s stock worth $505,000 after acquiring an additional 5,257 shares during the period. Finally, J.Safra Asset Management Corp lifted its holdings in Marqeta by 633.2% during the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares in the last quarter. 78.64% of the stock is owned by institutional investors.

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.