Marqeta (NASDAQ:MQ) Sets New 12-Month Low Following Analyst Downgrade

Marqeta, Inc. (NASDAQ:MQGet Rating)’s share price reached a new 52-week low during trading on Thursday after Truist Financial lowered their price target on the stock from $20.00 to $16.00. The company traded as low as $6.39 and last traded at $6.63, with a volume of 18182918 shares changing hands. The stock had previously closed at $7.03.

A number of other analysts have also recently commented on MQ. Loop Capital cut their price objective on Marqeta from $19.00 to $13.00 in a research report on Thursday, March 10th. William Blair restated an “outperform” rating on shares of Marqeta in a research report on Thursday, March 10th. Barclays boosted their price target on Marqeta from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 6th. Morgan Stanley assumed coverage on Marqeta in a research report on Monday, April 4th. They set an “equal weight” rating and a $15.00 price target for the company. Finally, Mizuho upgraded Marqeta from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $27.00 to $20.00 in a research report on Thursday, January 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $19.15.

Large investors have recently modified their holdings of the business. Two Sigma Investments LP grew its holdings in Marqeta by 52.7% in the 3rd quarter. Two Sigma Investments LP now owns 100,951 shares of the company’s stock valued at $2,233,000 after buying an additional 34,846 shares in the last quarter. North Star Investment Management Corp. acquired a new position in shares of Marqeta in the 4th quarter valued at $105,000. Artisan Partners Limited Partnership acquired a new position in shares of Marqeta in the 3rd quarter valued at $35,961,000. Marshall Wace LLP lifted its stake in shares of Marqeta by 3,487.9% in the 3rd quarter. Marshall Wace LLP now owns 275,479 shares of the company’s stock valued at $6,094,000 after purchasing an additional 267,801 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Marqeta by 8.7% in the 3rd quarter. Invesco Ltd. now owns 1,648,459 shares of the company’s stock valued at $36,464,000 after purchasing an additional 131,830 shares during the last quarter. Institutional investors own 50.31% of the company’s stock.

The company has a 50 day moving average price of $10.19 and a 200 day moving average price of $14.62. The firm has a market cap of $4.80 billion and a price-to-earnings ratio of -16.09.

Marqeta (NASDAQ:MQGet Rating) last announced its quarterly earnings results on Wednesday, March 9th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. Marqeta had a negative return on equity of 14.51% and a negative net margin of 31.70%. The business had revenue of $155.41 million for the quarter, compared to analyst estimates of $137.79 million. The company’s revenue for the quarter was up 76.2% on a year-over-year basis. Research analysts predict that Marqeta, Inc. will post -0.37 earnings per share for the current year.

About Marqeta (NASDAQ:MQ)

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 various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.

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