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

Marqeta (NASDAQ:MQ) was upgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $7.00 price objective on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 32.08% from the stock’s previous close.

Several other analysts have also issued reports on MQ. Barclays dropped their price target on shares of Marqeta from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. Wedbush restated a “neutral” rating and set a $6.00 target price on shares of Marqeta in a research note on Wednesday, May 8th. Truist Financial reaffirmed a “buy” rating and issued a $10.00 price objective (up from $9.00) on shares of Marqeta in a report on Thursday, February 29th. The Goldman Sachs Group reissued a “neutral” rating and set a $5.50 target price on shares of Marqeta in a report on Monday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Marqeta from $7.00 to $8.00 and gave the company a “market perform” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.25.

Marqeta Price Performance

Marqeta stock opened at $5.30 on Tuesday. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -14.72 and a beta of 1.78. The firm has a 50-day moving average of $5.43 and a 200-day moving average of $5.96. Marqeta has a one year low of $4.62 and a one year high of $7.36.

Marqeta (NASDAQ:MQ) last released its earnings results on Tuesday, May 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business 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 was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.13) earnings per share. As a group, sell-side analysts expect that Marqeta will post 0.01 earnings per share for the current year.

Institutional Trading of Marqeta

Several large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Marqeta during the fourth quarter worth $27,739,000. Alkeon Capital Management LLC increased its holdings in Marqeta by 94.2% in the 3rd quarter. Alkeon Capital Management LLC now owns 5,155,103 shares of the company’s stock worth $30,828,000 after purchasing an additional 2,500,000 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Marqeta by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,305,306 shares of the company’s stock worth $44,015,000 after purchasing an additional 900,675 shares in the last quarter. One Fin Capital Management LP raised its position in Marqeta by 10.0% in the fourth quarter. One Fin Capital Management LP now owns 2,200,000 shares of the company’s stock valued at $15,356,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Gillson Capital LP acquired a new stake in shares of Marqeta during the fourth quarter valued at about $8,254,000. 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.