JPMorgan Chase & Co. Cuts Marqeta (NASDAQ:MQ) Price Target to $5.00

Marqeta (NASDAQ:MQ) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 31.58% from the company’s current price.

MQ has been the subject of several other reports. 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. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Morgan Stanley cut their price objective on Marqeta from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Wells Fargo & Company lowered Marqeta from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $7.00 to $5.00 in a research report on Tuesday. Finally, KeyCorp lowered Marqeta from an “overweight” rating to a “sector weight” rating in a research report on Tuesday. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $6.27.

Marqeta Price Performance

Shares of Marqeta stock opened at $3.80 on Tuesday. Marqeta has a 1-year low of $3.37 and a 1-year high of $7.36. The business has a 50-day moving average of $5.11 and a 200-day moving average of $5.29. The company has a market capitalization of $1.93 billion, a PE ratio of 190.00 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last posted 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). The business had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $128.05 million. Marqeta had a return on equity of 1.17% and a net margin of 2.86%. Marqeta’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. On average, equities analysts expect that Marqeta will post 0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Marqeta

Several large investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC grew its holdings in Marqeta by 8.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 44,883 shares of the company’s stock worth $246,000 after buying an additional 3,548 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Marqeta by 9.2% in 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. Covestor Ltd increased its holdings in shares of Marqeta by 17,340.0% during the first quarter. Covestor Ltd now owns 4,360 shares of the company’s stock valued at $26,000 after purchasing an additional 4,335 shares during the period. ProShare Advisors LLC raised its stake in shares of Marqeta by 6.6% during the first quarter. ProShare Advisors LLC now owns 84,785 shares of the company’s stock valued at $505,000 after purchasing an additional 5,257 shares in the last quarter. Finally, J.Safra Asset Management Corp raised its stake in shares of Marqeta by 633.2% during the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.