Primecap Management Co. CA Purchases 3,627 Shares of Marqeta, Inc. (NASDAQ:MQ)

Primecap Management Co. CA lifted its position in shares of Marqeta, Inc. (NASDAQ:MQ) by 0.7% during the third quarter, Holdings Channel.com reports. The firm owned 488,300 shares of the company’s stock after buying an additional 3,627 shares during the quarter. Primecap Management Co. CA’s holdings in Marqeta were worth $2,402,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in 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 purchasing an additional 9,973 shares in the last quarter. Vanguard Group Inc. raised 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 buying an additional 1,642,621 shares in the last quarter. Covestor Ltd boosted its stake in shares of 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 buying an additional 4,335 shares during the period. CreativeOne Wealth LLC acquired a new stake in Marqeta during the first quarter worth approximately $72,000. Finally, Quadrature Capital Ltd bought a new position in Marqeta during the 1st quarter worth $250,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Marqeta Trading Up 2.3 %

Marqeta stock opened at $4.05 on Friday. The stock has a 50-day moving average price of $4.80 and a two-hundred day moving average price of $5.15. Marqeta, Inc. has a 12 month low of $3.37 and a 12 month high of $7.36. The company has a market capitalization of $2.03 billion, a PE ratio of 202.50 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Monday, November 4th. 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 net margin of 2.86% and a return on equity of 1.20%. The business had revenue of $127.90 million during the quarter, compared to the consensus estimate of $128.05 million. During the same quarter last year, the business earned ($0.07) EPS. The firm’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MQ shares. William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 5th. KeyCorp downgraded shares of Marqeta from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, November 5th. Morgan Stanley dropped their target price on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. UBS Group reduced their price target on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.27.

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.