Fred Alger Management LLC Sells 7,778 Shares of Marqeta, Inc. (NASDAQ:MQ)

Fred Alger Management LLC lessened its holdings in Marqeta, Inc. (NASDAQ:MQ) by 1.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 508,815 shares of the company’s stock after selling 7,778 shares during the period. Fred Alger Management LLC’s holdings in Marqeta were worth $2,788,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MQ. Visa Foundation purchased a new stake in Marqeta in the second quarter worth approximately $68,197,000. Vanguard Group Inc. grew its holdings in shares of Marqeta by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after acquiring an additional 1,642,621 shares during the period. Norges Bank bought a new position in shares of Marqeta in the 4th quarter worth approximately $27,739,000. Dimensional Fund Advisors LP lifted its stake in shares of Marqeta by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,305,306 shares of the company’s stock valued at $44,015,000 after purchasing an additional 900,675 shares during the period. Finally, One Fin Capital Management LP lifted its stake in shares of Marqeta by 10.0% in the 4th 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 period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Marqeta Trading Up 0.8 %

NASDAQ:MQ opened at $4.96 on Friday. The company has a 50 day simple moving average of $5.18 and a two-hundred day simple moving average of $5.44. The company has a market cap of $2.57 billion, a PE ratio of -13.78 and a beta of 1.78. Marqeta, Inc. has a 12 month low of $4.40 and a 12 month high of $7.36.

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

Analyst Upgrades and Downgrades

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

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.