State of New Jersey Common Pension Fund D Lowers Position in Marqeta, Inc. (NASDAQ:MQ)

State of New Jersey Common Pension Fund D cut its stake in Marqeta, Inc. (NASDAQ:MQ) by 12.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 346,341 shares of the company’s stock after selling 47,135 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.07% of Marqeta worth $1,898,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MQ. Victory Capital Management Inc. raised its stake in shares of Marqeta by 25.5% in the fourth quarter. Victory Capital Management Inc. now owns 51,838 shares of the company’s stock worth $362,000 after purchasing an additional 10,518 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Marqeta by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,305,306 shares of the company’s stock valued at $44,015,000 after acquiring an additional 900,675 shares in the last quarter. Norges Bank bought a new position in shares of Marqeta in the fourth quarter valued at approximately $27,739,000. Aigen Investment Management LP grew its holdings in shares of Marqeta by 13.9% in the fourth quarter. Aigen Investment Management LP now owns 31,999 shares of the company’s stock valued at $223,000 after acquiring an additional 3,904 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Marqeta by 7.7% in the fourth quarter. US Bancorp DE now owns 89,110 shares of the company’s stock valued at $622,000 after acquiring an additional 6,340 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Marqeta Stock Performance

Shares of MQ stock opened at $5.15 on Monday. The business’s fifty day moving average is $5.22 and its 200 day moving average is $5.46. Marqeta, Inc. has a 52-week low of $4.40 and a 52-week high of $7.36. The company has a market capitalization of $2.67 billion, a PE ratio of -14.31 and a beta of 1.78.

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

Insider Buying and Selling

In related news, Director Martha Cummings sold 40,241 shares of the firm’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 sale, the director now directly owns 19,000 shares of the company’s stock, valued at $103,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.12% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MQ shares. Susquehanna reaffirmed a “positive” rating and issued a $9.00 target price on shares of Marqeta in a report on Tuesday, August 6th. Keefe, Bruyette & Woods reduced their price objective on Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Monday, July 8th. UBS Group reduced their price objective on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. reduced their price objective on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $5.50 price objective on shares of Marqeta in a report on Monday, June 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.11.

Marqeta 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.