Summit Trail Advisors LLC Has $1.17 Million Stock Position in Marqeta, Inc. (NASDAQ:MQ)

Summit Trail Advisors LLC cut its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 2.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 238,098 shares of the company’s stock after selling 7,036 shares during the period. Summit Trail Advisors LLC’s holdings in Marqeta were worth $1,171,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC increased its holdings in Marqeta by 8.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 44,883 shares of the company’s stock worth $246,000 after purchasing an additional 3,548 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of Marqeta by 0.7% during the third quarter. Primecap Management Co. CA now owns 488,300 shares of the company’s stock worth $2,402,000 after purchasing an additional 3,627 shares during the last quarter. J.Safra Asset Management Corp increased its stake in shares of Marqeta by 633.2% in the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after buying an additional 5,300 shares during the period. Principal Financial Group Inc. raised its holdings in Marqeta by 9.9% in the 2nd quarter. Principal Financial Group Inc. now owns 60,636 shares of the company’s stock valued at $332,000 after buying an additional 5,481 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Marqeta by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 252,728 shares of the company’s stock worth $1,385,000 after buying an additional 5,515 shares during the period. 78.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MQ. Wells Fargo & Company downgraded Marqeta from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $7.00 to $5.00 in a report on Tuesday, November 5th. UBS Group decreased their price target on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on Marqeta from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Monness Crespi & Hardt downgraded shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price for the company. in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Marqeta from a “buy” rating to a “hold” rating and dropped their price target for the stock from $9.00 to $4.00 in a research report on Tuesday, November 5th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.27.

Marqeta Stock Up 2.3 %

Shares of MQ stock opened at $4.05 on Monday. The firm has a market cap of $2.03 billion, a P/E ratio of 202.50 and a beta of 1.73. The company has a 50 day moving average of $4.80 and a 200-day moving average of $5.14. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.36.

Marqeta (NASDAQ:MQ) last released its earnings results 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 return on equity of 1.20% and a net margin of 2.86%. The firm had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. During the same period in the prior year, the business earned ($0.07) earnings per share. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, equities analysts expect that Marqeta, Inc. will post 0.06 EPS for the current year.

About Marqeta

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.