Wedbush Reiterates Neutral Rating for Marqeta (NASDAQ:MQ)

Marqeta (NASDAQ:MQ)‘s stock had its “neutral” rating restated by research analysts at Wedbush in a report released on Wednesday, Benzinga reports. They presently have a $6.00 price objective on the stock. Wedbush’s price objective suggests a potential upside of 6.95% from the stock’s previous close.

Several other research analysts also recently weighed in on MQ. Wells Fargo & Company boosted their target price on shares of Marqeta from $6.00 to $7.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 6th. Barclays boosted their price objective on shares of Marqeta from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Monness Crespi & Hardt raised their target price on shares of Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America upgraded Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a report on Monday, February 12th. Finally, William Blair reissued an “outperform” rating on shares of Marqeta in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

Marqeta Stock Performance

NASDAQ:MQ traded down $0.22 during mid-day trading on Wednesday, hitting $5.61. 4,943,080 shares of the company’s stock traded hands, compared to its average volume of 5,048,792. The company has a market cap of $2.88 billion, a PE ratio of -13.45 and a beta of 1.81. The firm’s 50 day simple moving average is $5.84 and its 200 day simple moving average is $6.06. Marqeta has a 1 year low of $4.07 and a 1 year high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Marqeta had a negative net margin of 32.97% and a negative return on equity of 13.80%. The business had revenue of $117.90 million during the quarter, compared to analysts’ expectations of $117.05 million. During the same period last year, the company posted ($0.13) EPS. The company’s revenue was down 45.8% on a year-over-year basis. On average, research analysts expect that Marqeta will post -0.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC boosted its position in shares of Marqeta by 27.1% in the third quarter. FMR LLC now owns 28,456,412 shares of the company’s stock worth $170,169,000 after buying an additional 6,058,777 shares during the period. Westfield Capital Management Co. LP acquired a new position in Marqeta during the 3rd quarter worth approximately $30,347,000. Norges Bank purchased a new position in Marqeta in the 4th quarter worth approximately $27,739,000. Alkeon Capital Management LLC grew its position in Marqeta by 94.2% in the third quarter. Alkeon Capital Management LLC now owns 5,155,103 shares of the company’s stock valued at $30,828,000 after acquiring an additional 2,500,000 shares in the last quarter. Finally, Capital International Investors purchased a new stake in shares of Marqeta during the fourth quarter valued at approximately $15,840,000. 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.