Marqeta (NASDAQ:MQ) Shares Gap Down – Here’s Why

Marqeta, Inc. (NASDAQ:MQ)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $4.02, but opened at $3.78. Marqeta shares last traded at $3.95, with a volume of 464,682 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MQ shares. JPMorgan Chase & Co. dropped their target price on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. The Goldman Sachs Group dropped their target price on shares of Marqeta from $5.50 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Susquehanna dropped their target price on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating for the company in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods lowered their price objective on shares of Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research report on Tuesday, November 5th. Finally, UBS Group lowered their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Marqeta currently has an average rating of “Hold” and a consensus price target of $6.27.

Marqeta Trading Down 2.7 %

The firm’s 50 day moving average is $4.78 and its two-hundred day moving average is $5.12. The firm has a market cap of $1.96 billion, a P/E ratio of 201.00 and a beta of 1.73.

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 analysts’ consensus estimates of ($0.05) by ($0.01). Marqeta had a net margin of 2.86% and a return on equity of 1.20%. The company had revenue of $127.90 million during the quarter, compared to the consensus estimate of $128.05 million. During the same period in the previous year, the firm posted ($0.07) EPS. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. Analysts predict that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Trading of Marqeta

Hedge funds and other institutional investors have recently made changes to their positions in the business. J.Safra Asset Management Corp increased 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 worth $34,000 after buying an additional 5,300 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Marqeta during the third quarter worth $57,000. CreativeOne Wealth LLC acquired a new position in Marqeta during the third quarter worth $59,000. Russell Investments Group Ltd. increased its holdings in Marqeta by 7,852.8% during the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after buying an additional 9,973 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in Marqeta during the second quarter worth $61,000. 78.64% of the stock is currently 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.