Prana Capital Management LP Acquires 220,369 Shares of Marqeta, Inc. (NASDAQ:MQ)

Prana Capital Management LP lifted its position in shares of Marqeta, Inc. (NASDAQ:MQ) by 99.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 442,443 shares of the company’s stock after acquiring an additional 220,369 shares during the quarter. Prana Capital Management LP owned approximately 0.09% of Marqeta worth $2,177,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MQ. Visa Foundation purchased a new position in shares of Marqeta during the 2nd quarter valued at about $68,197,000. Westfield Capital Management Co. LP grew its position in Marqeta by 4.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 8,333,453 shares of the company’s stock worth $41,001,000 after acquiring an additional 319,661 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Marqeta by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock worth $40,759,000 after acquiring an additional 389,045 shares during the last quarter. Alkeon Capital Management LLC grew its position in Marqeta by 31.3% during the 3rd quarter. Alkeon Capital Management LLC now owns 7,420,663 shares of the company’s stock worth $36,510,000 after acquiring an additional 1,767,845 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Marqeta by 65.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock worth $14,362,000 after acquiring an additional 1,038,577 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods lowered their target price on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, November 5th. The Goldman Sachs Group lowered their price objective on Marqeta from $4.50 to $4.00 and set a “neutral” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft cut Marqeta from a “buy” rating to a “hold” rating and lowered their price objective for the company from $9.00 to $4.00 in a research note on Tuesday, November 5th. Morgan Stanley lowered their price objective on Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Finally, UBS Group lowered their price objective on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Marqeta has an average rating of “Hold” and an average target price of $6.23.

Marqeta Stock Down 1.5 %

NASDAQ:MQ opened at $3.84 on Wednesday. The stock’s fifty day moving average is $4.66 and its two-hundred day moving average is $5.06. Marqeta, Inc. has a 52 week low of $3.37 and a 52 week high of $7.36. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 192.00 and a beta of 1.54.

Marqeta (NASDAQ:MQ) last posted its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. Marqeta had a net margin of 2.86% and a return on equity of 1.20%. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company earned ($0.07) EPS. On average, sell-side analysts expect that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Marqeta 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.