Marqeta (NASDAQ:MQ) Shares Up 4.8%

Marqeta, Inc. (NASDAQ:MQ)’s stock price was up 4.8% on Thursday . The company traded as high as $5.73 and last traded at $5.65. Approximately 3,457,641 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 5,182,288 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective 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. Keefe, Bruyette & Woods increased their price target on Marqeta from $7.00 to $8.00 and gave the stock a “market perform” rating in a research note on Friday, March 1st. Truist Financial reaffirmed a “buy” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Marqeta in a research report on Thursday, February 29th. Monness Crespi & Hardt initiated coverage on Marqeta in a research report on Tuesday, April 2nd. They set a “buy” rating and a $7.50 target price on the stock. Finally, KeyCorp lifted their price target on Marqeta from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Marqeta currently has an average rating of “Moderate Buy” and an average price target of $7.57.

Marqeta Price Performance

The company’s fifty day moving average is $6.05 and its 200 day moving average is $6.06.

Marqeta (NASDAQ:MQ) last issued its earnings results on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) 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 $118.82 million for the quarter, compared to the consensus estimate of $110.80 million. During the same quarter last year, the firm posted ($0.05) EPS. The business’s revenue for the quarter was down 41.7% compared to the same quarter last year. As a group, equities analysts expect that Marqeta, Inc. will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Marqeta

Several hedge funds and other institutional investors have recently bought and sold shares of MQ. Raymond James & Associates increased its stake in Marqeta by 19.6% during the 1st quarter. Raymond James & Associates now owns 26,799 shares of the company’s stock worth $296,000 after buying an additional 4,389 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Marqeta during the first quarter worth about $201,000. Citigroup Inc. lifted its stake in shares of Marqeta by 83.2% in the first quarter. Citigroup Inc. now owns 42,073 shares of the company’s stock worth $464,000 after acquiring an additional 19,112 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Marqeta in the first quarter valued at about $813,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Marqeta during the 1st quarter valued at approximately $800,000. 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.