Marqeta, Inc. (NASDAQ:MQ) Short Interest Down 46.4% in June

Marqeta, Inc. (NASDAQ:MQ) saw a large decline in short interest in June. As of June 30th, there was short interest totaling 8,819,489 shares, a decline of 46.4% from the June 15th total of 16,441,600 shares. Based on an average trading volume of 5,021,391 shares, the days-to-cover ratio is currently 1.8 days. Currently, 9.5% of the company’s stock are short sold.

Marqeta Price Performance

NASDAQ:MQ traded down $0.40 during mid-day trading on Friday, reaching $17.49. The stock had a trading volume of 1,112,797 shares, compared to its average volume of 1,030,388. The business’s 50 day moving average is $15.98 and its 200 day moving average is $16.59. Marqeta has a fifty-two week low of $14.80 and a fifty-two week high of $28.16. The stock has a market cap of $1.85 billion, a P/E ratio of 437.36 and a beta of 1.31.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $165.80 million for the quarter, compared to analyst estimates of $164.30 million. Marqeta had a net margin of 0.33% and a return on equity of 0.27%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. Equities analysts expect that Marqeta will post 0.14 EPS for the current year.

Insider Transactions at Marqeta

In other news, CRO Todd Pollak sold 18,750 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.88, for a total value of $316,500.00. Following the completion of the sale, the executive directly owned 185,008 shares of the company’s stock, valued at $3,122,935.04. This represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elaine Paul sold 4,537 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $15.20, for a total transaction of $68,962.40. Following the sale, the director owned 8,900 shares of the company’s stock, valued at approximately $135,280. This represents a 33.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 27,650 shares of company stock worth $463,473 in the last quarter. 12.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marqeta

Several institutional investors and hedge funds have recently modified their holdings of MQ. AQR Capital Management LLC acquired a new position in Marqeta during the first quarter worth $57,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Marqeta by 3.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 279,103 shares of the company’s stock worth $1,150,000 after buying an additional 9,319 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Marqeta by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 925,547 shares of the company’s stock worth $3,813,000 after acquiring an additional 65,313 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Marqeta by 22.1% during the 1st quarter. Intech Investment Management LLC now owns 288,114 shares of the company’s stock worth $1,187,000 after acquiring an additional 52,219 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Marqeta by 8.1% during the 2nd quarter. Invesco Ltd. now owns 6,268,848 shares of the company’s stock valued at $36,547,000 after acquiring an additional 471,631 shares during the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Marqeta in a research note on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Finally, UBS Group increased their price objective on Marqeta from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Marqeta currently has an average rating of “Reduce” and an average price target of $20.12.

About Marqeta

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.