Marqeta (NASDAQ:MQ) Upgraded to Overweight by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Marqeta (NASDAQ:MQ) from an equal weight rating to an overweight rating in a report released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $7.00 price objective on the stock.

MQ has been the topic of several other research reports. Monness Crespi & Hardt increased their target price on Marqeta from $7.50 to $8.00 and gave the company a buy rating in a report on Wednesday, May 8th. Keefe, Bruyette & Woods increased their target price on Marqeta from $7.00 to $8.00 and gave the company a market perform rating in a report on Friday, March 1st. William Blair restated an outperform rating on shares of Marqeta in a research note on Wednesday, May 8th. Mizuho decreased their price objective on shares of Marqeta from $8.00 to $7.00 and set a buy rating for the company in a research note on Tuesday, May 21st. Finally, Truist Financial restated a buy rating and issued a $10.00 price objective (up previously from $9.00) on shares of Marqeta in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Marqeta has an average rating of Moderate Buy and a consensus target price of $7.25.

Marqeta Trading Up 2.1 %

Marqeta stock opened at $5.41 on Tuesday. Marqeta has a twelve month low of $4.62 and a twelve month high of $7.36. The stock’s fifty day simple moving average is $5.44 and its 200-day simple moving average is $5.95. The firm has a market capitalization of $2.80 billion, a P/E ratio of -15.03 and a beta of 1.78.

Marqeta (NASDAQ:MQ) last posted its earnings results on Tuesday, May 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $117.90 million for the quarter, compared to analyst estimates of $117.05 million. Marqeta had a negative return on equity of 11.84% and a negative net margin of 32.98%. Marqeta’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Sell-side analysts predict that Marqeta will post 0.01 earnings per share for the current year.

Institutional Trading of Marqeta

Several hedge funds and other institutional investors have recently bought and sold shares of MQ. Comerica Bank boosted its holdings in shares of Marqeta by 27.8% in the 1st quarter. Comerica Bank now owns 1,007,954 shares of the company’s stock valued at $6,007,000 after purchasing an additional 219,001 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Marqeta by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 285,379 shares of the company’s stock valued at $1,702,000 after purchasing an additional 14,696 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Marqeta in the 1st quarter valued at $250,000. Capital International Investors boosted its holdings in shares of Marqeta by 203.1% in the 1st quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock valued at $40,998,000 after purchasing an additional 4,609,526 shares during the last quarter. Finally, CreativeOne Wealth LLC acquired a new position in shares of Marqeta in the 1st quarter valued at $72,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

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.