Seven Eight Capital LP Acquires 148,047 Shares of Marqeta, Inc. (NASDAQ:MQ)

Seven Eight Capital LP raised its holdings in shares of Marqeta, Inc. (NASDAQ:MQ) by 108.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 284,303 shares of the company’s stock after purchasing an additional 148,047 shares during the period. Seven Eight Capital LP owned 0.05% of Marqeta worth $1,558,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MQ. Covestor Ltd grew its stake in Marqeta by 17,340.0% in 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 last quarter. J.Safra Asset Management Corp boosted its holdings in shares of Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after buying an additional 5,300 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Marqeta by 7,852.8% in the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after buying an additional 9,973 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Marqeta during the 1st quarter worth approximately $65,000. Finally, CreativeOne Wealth LLC purchased a new stake in Marqeta during the first quarter valued at approximately $72,000. Institutional investors own 78.64% of the company’s stock.

Marqeta Stock Up 2.8 %

Marqeta stock opened at $5.18 on Friday. The business’s 50-day moving average price is $5.22 and its 200 day moving average price is $5.47. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of -14.39 and a beta of 1.78. Marqeta, Inc. has a 52 week low of $4.40 and a 52 week high of $7.36.

Marqeta (NASDAQ:MQ) last posted its earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. The firm had revenue of $125.30 million during the quarter, compared to analyst estimates of $121.87 million. During the same period in the previous year, the firm earned ($0.07) EPS. The business’s quarterly revenue was down 45.8% on a year-over-year basis. Equities analysts expect that Marqeta, Inc. will post 0.06 EPS for the current year.

Analysts Set New Price Targets

MQ has been the subject of several analyst reports. Wells Fargo & Company upgraded Marqeta from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a report on Tuesday, June 25th. UBS Group lowered their price target on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. The Goldman Sachs Group restated a “neutral” rating and set a $5.50 price objective on shares of Marqeta in a report on Monday, June 24th. Susquehanna reiterated a “positive” rating and issued a $9.00 target price on shares of Marqeta in a research note on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.11.

Insider Activity

In related news, Director Martha Cummings sold 40,241 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total value of $220,118.27. Following the completion of the transaction, the director now owns 19,000 shares of the company’s stock, valued at approximately $103,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.12% 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.