North Reef Capital Management LP Cuts Position in Marqeta, Inc. $MQ

North Reef Capital Management LP reduced its position in shares of Marqeta, Inc. (NASDAQ:MQ) by 28.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,650,000 shares of the company’s stock after selling 1,850,000 shares during the period. Marqeta makes up about 1.1% of North Reef Capital Management LP’s portfolio, making the stock its 20th biggest holding. North Reef Capital Management LP’s holdings in Marqeta were worth $24,552,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Mariner LLC increased its stake in Marqeta by 13.4% during the third quarter. Mariner LLC now owns 64,095 shares of the company’s stock worth $338,000 after purchasing an additional 7,574 shares during the period. Militia Capital Partners LP acquired a new position in shares of Marqeta in the third quarter valued at approximately $1,156,000. Mercer Global Advisors Inc. ADV purchased a new stake in Marqeta during the 3rd quarter worth approximately $351,000. Millennium Management LLC lifted its holdings in Marqeta by 48.5% during the 3rd quarter. Millennium Management LLC now owns 1,009,220 shares of the company’s stock worth $5,329,000 after buying an additional 329,649 shares in the last quarter. Finally, Aquatic Capital Management LLC boosted its position in Marqeta by 72.3% in the 3rd quarter. Aquatic Capital Management LLC now owns 468,436 shares of the company’s stock valued at $2,473,000 after buying an additional 196,614 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MQ. Keefe, Bruyette & Woods reduced their price objective on Marqeta from $6.00 to $5.50 and set a “market perform” rating on the stock in a research note on Friday, January 2nd. JPMorgan Chase & Co. assumed coverage on Marqeta in a research report on Tuesday, February 17th. They issued an “overweight” rating and a $6.00 price target on the stock. Morgan Stanley lowered their price objective on Marqeta from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Marqeta in a report on Monday, December 29th. Finally, Zacks Research cut shares of Marqeta from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Marqeta presently has an average rating of “Reduce” and an average target price of $5.14.

Insider Buying and Selling at Marqeta

In other news, Director Jason M. Gardner sold 113,366 shares of Marqeta stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $5.00, for a total value of $566,830.00. Following the completion of the sale, the director owned 303,467 shares of the company’s stock, valued at $1,517,335. The trade was a 27.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Judson C. Linville bought 25,570 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was acquired at an average price of $3.93 per share, with a total value of $100,490.10. Following the completion of the purchase, the director directly owned 104,220 shares of the company’s stock, valued at approximately $409,584.60. The trade was a 32.51% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 218,509 shares of company stock valued at $1,092,545 over the last quarter. 12.61% of the stock is currently owned by insiders.

Marqeta Price Performance

Marqeta stock opened at $3.97 on Tuesday. The stock has a market capitalization of $1.70 billion, a P/E ratio of -132.33 and a beta of 1.48. Marqeta, Inc. has a 12-month low of $3.47 and a 12-month high of $7.04. The firm’s 50-day moving average is $4.22 and its two-hundred day moving average is $4.76.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.01. Marqeta had a negative net margin of 2.23% and a negative return on equity of 1.62%. The business had revenue of $172.11 million for the quarter, compared to the consensus estimate of $167.05 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. As a group, analysts forecast that Marqeta, Inc. will post 0.06 EPS for the current year.

Marqeta Company 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.