Cerity Partners LLC Purchases New Position in Marqeta, Inc. (NASDAQ:MQ)

Cerity Partners LLC purchased a new stake in Marqeta, Inc. (NASDAQ:MQ) during the third quarter, Holdings Channel reports. The institutional investor purchased 297,968 shares of the company’s stock, valued at approximately $1,466,000.

Other hedge funds have also modified their holdings of the company. Visa Foundation acquired a new stake in Marqeta during the 2nd quarter worth approximately $68,197,000. Dimensional Fund Advisors LP raised its holdings in Marqeta by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock worth $40,759,000 after buying an additional 389,045 shares during the period. Bank of New York Mellon Corp raised its holdings in Marqeta by 65.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock worth $14,362,000 after buying an additional 1,038,577 shares during the period. ZWJ Investment Counsel Inc. raised its holdings in Marqeta by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 2,038,246 shares of the company’s stock worth $10,028,000 after buying an additional 49,104 shares during the period. Finally, Congress Asset Management Co. raised its holdings in Marqeta by 46.8% during the 3rd quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock worth $5,194,000 after buying an additional 336,349 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Marqeta Price Performance

MQ stock opened at $3.84 on Wednesday. The company has a fifty day moving average price of $4.66 and a two-hundred day moving average price of $5.06. Marqeta, Inc. has a one year low of $3.37 and a one year high of $7.36. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 192.00 and a beta of 1.54.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The company had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. During the same period last year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. Research analysts anticipate that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Marqeta from a “buy” rating to a “hold” rating and dropped their target price for the stock from $9.00 to $4.00 in a report on Tuesday, November 5th. Monness Crespi & Hardt downgraded shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price objective on the stock. in a report on Tuesday, November 5th. William Blair downgraded shares of Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Mizuho lowered their price objective on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.23.

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.