Marqeta (NASDAQ:MQ) Sets New 1-Year Low Following Weak Earnings

Marqeta, Inc. (NASDAQ:MQ)’s stock price reached a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $3.73 and last traded at $3.74, with a volume of 7271272 shares. The stock had previously closed at $5.95.

The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Marqeta had a return on equity of 1.17% and a net margin of 2.86%. The business had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $128.05 million. During the same period last year, the firm earned ($0.07) earnings per share. The firm’s quarterly revenue was up 20.8% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. UBS Group cut their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group cut their price target on Marqeta from $5.50 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut shares of Marqeta from a “buy” rating to a “hold” rating and cut their target price for the company from $9.00 to $4.00 in a report on Tuesday. 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 research report on Tuesday. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.27.

Institutional Trading of Marqeta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Marqeta by 3.6% in the first quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock valued at $282,717,000 after purchasing an additional 1,642,621 shares during the period. Visa Foundation acquired a new position in shares of Marqeta during the 2nd quarter valued at about $68,197,000. Dimensional Fund Advisors LP lifted its holdings in shares of 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 acquiring an additional 389,045 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of Marqeta by 27.6% in the first quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock worth $44,216,000 after acquiring an additional 1,604,223 shares during the last quarter. Finally, Capital International Investors grew its holdings in Marqeta by 203.1% in the first quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock valued at $40,998,000 after purchasing an additional 4,609,526 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Marqeta Stock Up 11.1 %

The company has a market cap of $1.93 billion, a PE ratio of 190.00 and a beta of 1.73. The stock’s 50 day simple moving average is $5.11 and its two-hundred day simple moving average is $5.29.

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.