Marqeta (NASDAQ:MQ) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Marqeta (NASDAQ:MQ) in a research report report published on Tuesday morning, MarketBeat reports. The firm issued an overweight rating and a $6.00 price objective on the stock.

A number of other brokerages have also recently issued reports on MQ. Citigroup upgraded Marqeta to a “hold” rating in a report on Thursday, October 23rd. Mizuho reissued a “neutral” rating and issued a $4.50 price target (down previously from $8.00) on shares of Marqeta in a research note on Thursday, January 8th. Keefe, Bruyette & Woods reduced their price objective on shares of Marqeta from $6.00 to $5.50 and set a “market perform” rating for the company in a research note on Friday, January 2nd. UBS Group decreased their target price on shares of Marqeta from $5.75 to $5.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Wolfe Research lowered shares of Marqeta from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $5.25.

Marqeta Stock Performance

Shares of NASDAQ:MQ opened at $4.14 on Tuesday. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -51.75 and a beta of 1.48. Marqeta has a 1-year low of $3.47 and a 1-year high of $7.04. The company has a 50 day moving average price of $4.51 and a 200 day moving average price of $5.04.

Insider Activity

In other Marqeta news, Director Jason M. Gardner sold 69,043 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $5.00, for a total value of $345,215.00. Following the transaction, the director owned 293,334 shares in the company, valued at approximately $1,466,670. This represents a 19.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 218,509 shares of company stock valued at $1,092,545 over the last ninety days. 12.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marqeta

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Marqeta during the third quarter worth $26,000. EFG International AG acquired a new position in Marqeta in the 4th quarter worth about $27,000. CWM LLC raised its stake in shares of Marqeta by 82.2% during the 4th quarter. CWM LLC now owns 6,254 shares of the company’s stock worth $30,000 after purchasing an additional 2,821 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of Marqeta during the 4th quarter valued at about $33,000. Finally, Amundi bought a new stake in shares of Marqeta in the 4th quarter valued at approximately $48,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

About Marqeta

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.