Congress Asset Management Co. Purchases 336,349 Shares of Marqeta, Inc. (NASDAQ:MQ)

Congress Asset Management Co. increased its position in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 46.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,055,681 shares of the company's stock after purchasing an additional 336,349 shares during the period. Congress Asset Management Co. owned 0.20% of Marqeta worth $5,194,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MQ. Allspring Global Investments Holdings LLC raised its holdings in Marqeta by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 47,222 shares of the company's stock worth $281,000 after purchasing an additional 3,979 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Marqeta in the first quarter valued at $65,000. Swiss National Bank raised its stake in Marqeta by 4.6% during the 1st quarter. Swiss National Bank now owns 784,700 shares of the company's stock valued at $4,677,000 after purchasing an additional 34,300 shares during the period. Russell Investments Group Ltd. raised its stake in Marqeta by 7,852.8% during the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company's stock valued at $60,000 after purchasing an additional 9,973 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of Marqeta by 6.6% during the first quarter. ProShare Advisors LLC now owns 84,785 shares of the company's stock worth $505,000 after acquiring an additional 5,257 shares in the last quarter. Institutional investors own 78.64% of the company's stock.

Marqeta Price Performance

Shares of NASDAQ:MQ opened at $5.85 on Friday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of -292.35 and a beta of 1.77. The company has a 50 day moving average of $5.13 and a 200-day moving average of $5.30. Marqeta, Inc. has a one year low of $4.40 and a one year high of $7.36.

Marqeta (NASDAQ:MQ - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.04. The firm had revenue of $125.30 million during the quarter, compared to analysts' expectations of $121.87 million. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. The business's revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Equities research analysts anticipate that Marqeta, Inc. will post 0.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MQ has been the topic of a number of recent research reports. Susquehanna restated a "positive" rating and set a $9.00 price target on shares of Marqeta in a report on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price objective on shares of Marqeta from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. UBS Group decreased their price objective on shares of Marqeta from $8.50 to $8.00 and set a "buy" rating for the company in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Marqeta from $7.00 to $6.00 and set a "market perform" rating for the company in a report on Monday, July 8th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $7.11.

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.