Coatue Management LLC Acquires Shares of 3,004,416 Marqeta, Inc. (NASDAQ:MQ)

Coatue Management LLC acquired a new stake in Marqeta, Inc. (NASDAQ:MQ) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 3,004,416 shares of the company’s stock, valued at approximately $84,334,000.

A number of other institutional investors and hedge funds have also modified their holdings of MQ. Legal & General Group Plc acquired a new stake in shares of Marqeta in the second quarter worth approximately $28,000. Commonwealth Equity Services LLC acquired a new stake in shares of Marqeta in the second quarter worth approximately $200,000. Teacher Retirement System of Texas acquired a new stake in shares of Marqeta in the second quarter worth approximately $281,000. Lazard Asset Management LLC purchased a new position in Marqeta during the second quarter worth approximately $407,000. Finally, Sei Investments Co. purchased a new position in Marqeta during the second quarter worth approximately $538,000. 19.55% of the stock is currently owned by institutional investors.

NASDAQ:MQ traded up $0.77 on Thursday, reaching $23.23. The company’s stock had a trading volume of 46,231 shares, compared to its average volume of 2,318,776. Marqeta, Inc. has a 12-month low of $19.78 and a 12-month high of $32.75. The company has a 50 day moving average of $25.69.

Marqeta (NASDAQ:MQ) last posted its quarterly earnings data on Wednesday, August 11th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.21). The company had revenue of $122.27 million during the quarter, compared to analysts’ expectations of $98.28 million. Equities analysts expect that Marqeta, Inc. will post -0.88 EPS for the current year.

A number of brokerages recently commented on MQ. Wolfe Research began coverage on Marqeta in a research report on Tuesday, July 6th. They set a “market perform” rating on the stock. KeyCorp began coverage on Marqeta in a research report on Tuesday, July 6th. They set an “overweight” rating and a $35.00 price objective on the stock. William Blair began coverage on Marqeta in a research report on Tuesday, July 6th. They set an “outperform” rating on the stock. Mizuho began coverage on Marqeta in a research report on Thursday, June 24th. They set a “neutral” rating and a $25.00 price objective on the stock. Finally, assumed coverage on Marqeta in a research report on Tuesday, July 6th. They set a “buy” rating and a $36.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Marqeta has an average rating of “Buy” and a consensus price target of $33.44.

About Marqeta

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in the various verticals, including commerce disruptors, digital banks, tech giants, and large financial institutions.

Further Reading: When can a hold rating present a buying opportunity?

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Institutional Ownership by Quarter for Marqeta (NASDAQ:MQ)

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