Marqeta (NASDAQ:MQ) Shares Gap Down – Should You Sell?

Marqeta, Inc. (NASDAQ:MQ) gapped down prior to trading on Tuesday . The stock had previously closed at $4.03, but opened at $3.89. Marqeta shares last traded at $4.03, with a volume of 239,523 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, November 5th. The Goldman Sachs Group cut their price objective on shares of Marqeta from $4.50 to $4.00 and set a “neutral” rating for the company in a research report on Monday, December 2nd. Barclays reissued an “equal weight” rating and issued a $4.00 target price (down from $5.00) on shares of Marqeta in a report on Tuesday. Mizuho cut their price target on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Company downgraded shares of Marqeta from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $7.00 to $5.00 in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Marqeta has a consensus rating of “Hold” and a consensus price target of $6.03.

Marqeta Stock Down 4.6 %

The company has a market capitalization of $1.86 billion, a P/E ratio of 185.50 and a beta of 1.54. The firm’s 50-day moving average price is $4.42 and its 200 day moving average price is $4.94.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The company had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. During the same quarter last year, the company posted ($0.07) EPS. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, equities research analysts expect that Marqeta, Inc. will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Marqeta

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in shares of Marqeta during the 3rd quarter worth $57,000. CreativeOne Wealth LLC bought a new position in Marqeta during the third quarter worth about $59,000. Magnetar Financial LLC bought a new stake in Marqeta during the 2nd quarter valued at $61,000. XTX Topco Ltd bought a new stake in shares of Marqeta during the 2nd quarter valued at $72,000. Finally, Castleview Partners LLC bought a new stake in shares of Marqeta during the third quarter valued at about $77,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

About Marqeta

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.