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

Marqeta, Inc. (NASDAQ:MQ) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 traded.

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 company had revenue of $135.79 million for the quarter, compared to the consensus estimate of $132.71 million.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. William Blair downgraded shares of Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Morgan Stanley dropped their target price on Marqeta from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. The Goldman Sachs Group boosted their price target on Marqeta from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Thursday. Monness Crespi & Hardt lowered Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price objective on the stock. in a research report on Tuesday, November 5th. Finally, Mizuho cut their target price 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. Eleven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Marqeta currently has a consensus rating of “Hold” and a consensus target price of $5.69.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Congress Asset Management Co. raised its stake in Marqeta by 46.8% in the 3rd quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock valued at $5,194,000 after purchasing an additional 336,349 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Marqeta by 107.0% during the third quarter. Harbor Capital Advisors Inc. now owns 248,968 shares of the company’s stock worth $1,225,000 after buying an additional 128,717 shares in the last quarter. Olympiad Research LP acquired a new stake in shares of Marqeta in the third quarter valued at about $113,000. Atria Investments Inc lifted its stake in shares of Marqeta by 32.7% in the third quarter. Atria Investments Inc now owns 37,485 shares of the company’s stock worth $184,000 after buying an additional 9,235 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Marqeta by 6.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 370,070 shares of the company’s stock worth $1,821,000 after buying an additional 23,729 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Marqeta Stock Up 21.1 %

The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 212.50 and a beta of 1.52. The business’s 50-day moving average is $3.77 and its two-hundred day moving average is $4.40.

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.