Scopia Capital Management LP Sells 1,944,788 Shares of Marqeta, Inc. (NASDAQ:MQ)

Scopia Capital Management LP trimmed its position in Marqeta, Inc. (NASDAQ:MQ) by 31.3% in the third quarter, Holdings Channel reports. The firm owned 4,266,325 shares of the company’s stock after selling 1,944,788 shares during the quarter. Marqeta accounts for 4.3% of Scopia Capital Management LP’s holdings, making the stock its 8th biggest holding. Scopia Capital Management LP’s holdings in Marqeta were worth $20,990,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. J.Safra Asset Management Corp increased its stake in Marqeta by 633.2% during the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Marqeta by 7,852.8% during the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after buying an additional 9,973 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Marqeta during the 2nd quarter valued at about $61,000. CreativeOne Wealth LLC acquired a new stake in Marqeta during the third quarter worth about $59,000. Finally, XTX Topco Ltd bought a new position in Marqeta in the second quarter worth about $72,000. 78.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Susquehanna dropped their price target on Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research report on Tuesday, November 5th. The Goldman Sachs Group dropped their target price on Marqeta from $5.50 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft downgraded shares of Marqeta from a “buy” rating to a “hold” rating and reduced their price target for the company from $9.00 to $4.00 in a report on Tuesday, November 5th. Morgan Stanley dropped their price objective on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Finally, Monness Crespi & Hardt lowered shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price for the company. in a research note on Tuesday, November 5th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Marqeta presently has an average rating of “Hold” and a consensus target price of $6.27.

Marqeta Stock Performance

Shares of NASDAQ MQ opened at $3.88 on Friday. Marqeta, Inc. has a 1 year low of $3.37 and a 1 year high of $7.36. The stock has a fifty day moving average price of $4.71 and a two-hundred day moving average price of $5.10. The firm has a market cap of $1.95 billion, a P/E ratio of 194.00 and a beta of 1.73.

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 for the quarter, compared to analyst estimates of $128.05 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. Marqeta’s revenue was up 20.8% on a year-over-year basis. On average, research analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current fiscal year.

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.