Penserra Capital Management LLC Lowers Stake in Marqeta, Inc. $MQ

Penserra Capital Management LLC lowered its holdings in shares of Marqeta, Inc. (NASDAQ:MQ) by 31.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 392,682 shares of the company’s stock after selling 178,674 shares during the period. Penserra Capital Management LLC owned approximately 0.09% of Marqeta worth $2,073,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MQ. Arrowstreet Capital Limited Partnership purchased a new position in shares of Marqeta during the second quarter valued at approximately $44,463,000. Invesco Ltd. increased its position in 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 buying an additional 471,631 shares in the last quarter. Bank of America Corp DE raised its stake in Marqeta by 20.0% during the second quarter. Bank of America Corp DE now owns 2,461,147 shares of the company’s stock valued at $14,348,000 after buying an additional 409,897 shares during the last quarter. Arnhold LLC boosted its holdings in Marqeta by 11.6% in the second quarter. Arnhold LLC now owns 2,401,932 shares of the company’s stock worth $14,003,000 after acquiring an additional 248,918 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Marqeta by 193.0% in the third quarter. Nordea Investment Management AB now owns 2,360,309 shares of the company’s stock worth $12,510,000 after acquiring an additional 1,554,741 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

Analyst Ratings Changes

MQ has been the subject of several recent analyst reports. UBS Group lowered their price target on Marqeta from $5.75 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Wolfe Research cut shares of Marqeta from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. Keefe, Bruyette & Woods dropped their target price on shares of Marqeta from $6.00 to $5.50 and set a “market perform” rating on the stock in a research note on Friday, January 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Marqeta in a research report on Monday, December 29th. Finally, The Goldman Sachs Group set a $5.00 price objective on shares of Marqeta and gave the stock a “sell” rating in a report on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $5.50.

Marqeta Price Performance

MQ stock opened at $4.23 on Friday. Marqeta, Inc. has a 1 year low of $3.47 and a 1 year high of $7.04. The company has a market cap of $1.86 billion, a P/E ratio of -52.88 and a beta of 1.48. The stock’s fifty day moving average price is $4.63 and its 200-day moving average price is $5.14.

Marqeta (NASDAQ:MQ) last posted its earnings results on Wednesday, November 5th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $163.31 million for the quarter, compared to the consensus estimate of $148.37 million. Marqeta had a negative return on equity of 4.22% and a negative net margin of 6.74%.Marqeta’s revenue was up 27.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) earnings per share. As a group, analysts expect that Marqeta, Inc. will post 0.06 earnings per share for the current year.

Insider Activity at Marqeta

In other news, Director Jason M. Gardner sold 69,043 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $5.00, for a total value of $345,215.00. Following the transaction, the director owned 293,334 shares in the company, valued at $1,466,670. This represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 218,509 shares of company stock worth $1,092,545. 12.61% of the stock is owned by corporate insiders.

Marqeta Profile

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.