Mizuho Has Lowered Expectations for Marqeta (NASDAQ:MQ) Stock Price

Marqeta (NASDAQ:MQ) had its price target reduced by Mizuho from $7.00 to $5.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective points to a potential upside of 41.64% from the stock’s previous close.

MQ has been the topic of a number of other research reports. KeyCorp downgraded shares of Marqeta from an “overweight” rating to a “sector weight” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft downgraded shares of Marqeta from a “buy” rating to a “hold” rating and lowered their price target for the stock from $9.00 to $4.00 in a report on Tuesday. UBS Group lowered their price target on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. decreased their target price on Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, William Blair cut 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, Marqeta has a consensus rating of “Hold” and an average price target of $6.33.

Marqeta Stock Performance

Shares of MQ stock traded down $2.42 on Tuesday, hitting $3.53. 53,243,035 shares of the company’s stock traded hands, compared to its average volume of 4,762,422. The company’s fifty day simple moving average is $5.14 and its 200 day simple moving average is $5.30. Marqeta has a one year low of $3.43 and a one year high of $7.36. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -176.41 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last issued its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. Marqeta had a positive return on equity of 0.51% and a negative net margin of 2.62%. The firm’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) EPS. As a group, sell-side analysts anticipate that Marqeta will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MQ. Visa Foundation bought a new position in Marqeta in the 2nd quarter worth about $68,197,000. Congress Asset Management Co. raised its holdings in shares of Marqeta by 46.8% in the third quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock worth $5,194,000 after acquiring an additional 336,349 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Marqeta by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after purchasing an additional 1,642,621 shares during the period. Westfield Capital Management Co. LP increased its position in 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 during the last quarter. Finally, Comerica Bank boosted its holdings in Marqeta by 27.8% during the first quarter. Comerica Bank now owns 1,007,954 shares of the company’s stock valued at $6,007,000 after purchasing an additional 219,001 shares in the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

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.