Marqeta (NASDAQ:MQ) Shares Gap Up to $15.16

Marqeta, Inc. (NASDAQ:MQ)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $15.16, but opened at $15.72. Marqeta shares last traded at $15.23, with a volume of 68,968 shares traded.

A number of analysts have issued reports on MQ shares. Keefe, Bruyette & Woods started coverage on Marqeta in a research note on Thursday, January 6th. They issued a “market perform” rating and a $17.00 price target on the stock. Zacks Investment Research lowered Marqeta from a “buy” rating to a “hold” rating in a research note on Wednesday. Truist decreased their price target on Marqeta from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, January 10th. Mizuho raised Marqeta from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $27.00 to $20.00 in a research note on Thursday. Finally, Sumitomo Mitsui Financial Group started coverage on Marqeta in a research report on Wednesday, November 3rd. They set an “underperform” rating and a $26.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.15.

The stock has a fifty day moving average price of $19.10 and a two-hundred day moving average price of $23.97.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Wednesday, November 10th. The company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.12. Marqeta had a negative return on equity of 20.63% and a negative net margin of 31.31%. The business had revenue of $131.51 million during the quarter, compared to the consensus estimate of $120.31 million. Sell-side analysts expect that Marqeta, Inc. will post -0.41 EPS for the current year.

In related news, insider Seth R. Weissman sold 70,000 shares of the company’s stock in a transaction on Monday, November 29th. The stock was sold at an average price of $20.53, for a total transaction of $1,437,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 83North Ii Limited Partnership sold 2,751,468 shares of the company’s stock in a transaction on Friday, November 12th. The stock was sold at an average price of $25.37, for a total value of $69,804,743.16. The disclosure for this sale can be found here.

Institutional investors and hedge funds have recently modified their holdings of the stock. Coatue Management LLC boosted its position in Marqeta by 846.9% during the 3rd quarter. Coatue Management LLC now owns 28,449,054 shares of the company’s stock worth $612,409,000 after acquiring an additional 25,444,638 shares during the period. Vitruvian Partners LLP acquired a new position in Marqeta during the 2nd quarter worth $602,556,000. Lone Pine Capital LLC acquired a new position in Marqeta during the 2nd quarter worth $490,574,000. BlackRock Inc. acquired a new position in Marqeta during the 2nd quarter worth $252,130,000. Finally, FMR LLC acquired a new position in Marqeta during the 2nd quarter worth $138,750,000. Hedge funds and other institutional investors own 23.35% of the company’s stock.

About Marqeta (NASDAQ:MQ)

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in the various verticals, including commerce disruptors, digital banks, tech giants, and large financial institutions.

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