Marqeta (NASDAQ:MQ) Shares Gap Up After Strong Earnings

Marqeta, Inc. (NASDAQ:MQ - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.51, but opened at $4.01. Marqeta shares last traded at $4.24, with a volume of 4,839,128 shares trading hands.

The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. Marqeta had a net margin of 2.86% and a return on equity of 1.20%. The firm had revenue of $135.79 million for the quarter, compared to analyst estimates of $132.71 million.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MQ shares. 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. KeyCorp lowered shares of Marqeta from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, November 5th. Mizuho cut their price objective on shares of Marqeta from $7.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Barclays restated an "equal weight" rating and issued a $4.00 price target (down previously from $5.00) on shares of Marqeta in a research note on Tuesday, December 17th. Finally, Keefe, Bruyette & Woods cut their price target on Marqeta from $5.00 to $4.00 and set a "market perform" rating on the stock in a report on Monday, January 6th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $5.33.

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Institutional Investors Weigh In On Marqeta

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC bought a new stake in shares of Marqeta in the 4th quarter worth approximately $33,000. Blueshift Asset Management LLC acquired a new position in Marqeta in the fourth quarter worth approximately $38,000. Covestor Ltd increased its holdings in shares of Marqeta by 1,255.4% in the fourth quarter. Covestor Ltd now owns 10,030 shares of the company's stock valued at $38,000 after buying an additional 9,290 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Marqeta by 125.6% during the 4th quarter. Bank of Montreal Can now owns 10,030 shares of the company's stock valued at $38,000 after acquiring an additional 49,243 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Marqeta during the 4th quarter worth $41,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Marqeta Trading Down 1.2 %

The stock has a fifty day moving average of $3.78 and a 200-day moving average of $4.38. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 206.50 and a beta of 1.52.

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.