Wells Fargo & Company Cuts Marqeta (NASDAQ:MQ) Price Target to $4.00

Marqeta (NASDAQ:MQ - Get Free Report) had its target price dropped by Wells Fargo & Company from $5.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 6.10% from the stock's previous close.

Several other research firms have also weighed in on MQ. William Blair lowered shares of Marqeta from an "outperform" rating to a "market perform" rating in a research note on Tuesday, November 5th. KeyCorp downgraded shares of Marqeta from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, November 5th. Barclays reissued an "equal weight" rating and set a $4.00 price objective (down previously from $5.00) on shares of Marqeta in a research report on Tuesday, December 17th. Mizuho dropped their target price on Marqeta from $7.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Finally, Susquehanna cut their price target on Marqeta from $9.00 to $7.00 and set a "positive" rating for the company in a research note on Tuesday, November 5th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $5.75.

Marqeta Stock Down 1.0 %

Shares of MQ traded down $0.04 during mid-day trading on Thursday, reaching $3.77. The company's stock had a trading volume of 3,670,586 shares, compared to its average volume of 3,589,678. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 188.50 and a beta of 1.52. The business has a fifty day moving average of $3.86 and a 200 day moving average of $4.73. Marqeta has a 1 year low of $3.37 and a 1 year high of $7.36.

Marqeta (NASDAQ:MQ - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $127.90 million during the quarter, compared to analysts' expectations of $128.05 million. During the same period in the prior year, the company posted ($0.07) earnings per share. The firm's revenue was up 20.8% on a year-over-year basis. On average, analysts predict that Marqeta will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Congress Asset Management Co. grew its stake in shares of Marqeta by 46.8% in the third quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company's stock worth $5,194,000 after acquiring an additional 336,349 shares during the last quarter. Nordea Investment Management AB raised its stake in Marqeta by 107.8% during the 4th quarter. Nordea Investment Management AB now owns 851,278 shares of the company's stock valued at $3,265,000 after purchasing an additional 441,617 shares during the last quarter. Cerity Partners LLC bought a new stake in Marqeta in the 3rd quarter valued at $1,466,000. Main Management ETF Advisors LLC acquired a new stake in Marqeta in the 3rd quarter worth $786,000. Finally, GSA Capital Partners LLP increased its holdings in shares of Marqeta by 671.7% during the 3rd quarter. GSA Capital Partners LLP now owns 234,401 shares of the company's stock worth $1,153,000 after purchasing an additional 204,026 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

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.