Insider Selling: Marqeta (NASDAQ:MQ) CRO Sells $316,500.00 in Stock

Marqeta, Inc. (NASDAQ:MQ) CRO Todd Pollak sold 18,750 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.88, for a total transaction of $316,500.00. Following the completion of the sale, the executive owned 185,008 shares of the company’s stock, valued at $3,122,935.04. The trade was a 9.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Marqeta Stock Performance

Shares of NASDAQ MQ traded up $0.79 during trading on Thursday, reaching $17.41. The company had a trading volume of 1,499,583 shares, compared to its average volume of 1,019,398. Marqeta, Inc. has a 52 week low of $14.80 and a 52 week high of $28.16. The business’s 50 day moving average price is $16.15 and its 200-day moving average price is $16.84. The stock has a market cap of $7.38 billion, a PE ratio of 1,742.74 and a beta of 1.31.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Marqeta had a net margin of 0.33% and a return on equity of 0.27%. The business had revenue of $165.80 million during the quarter, compared to analyst estimates of $164.30 million. During the same quarter last year, the business posted ($0.08) earnings per share. Marqeta’s revenue for the quarter was up 19.2% compared to the same quarter last year. Equities analysts anticipate that Marqeta, Inc. will post 0.04 earnings per share for the current year.

Analysts Set New Price Targets

MQ has been the subject of a number of recent research reports. UBS Group boosted their target price on Marqeta from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Marqeta in a report on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Marqeta from $4.50 to $18.00 and gave the stock a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Marqeta currently has an average rating of “Reduce” and a consensus price target of $20.12.

Hedge Funds Weigh In On Marqeta

Institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC increased its holdings in Marqeta by 187.2% during the 1st quarter. Parallel Advisors LLC now owns 19,515 shares of the company’s stock worth $80,000 after purchasing an additional 12,721 shares in the last quarter. Financial Solutions Advisory Group Inc. bought a new position in shares of Marqeta during the first quarter worth about $41,000. Western Wealth Management LLC acquired a new stake in Marqeta in the 1st quarter valued at approximately $27,000. Bank of America Corp DE raised its position in Marqeta by 34.3% in the 1st quarter. Bank of America Corp DE now owns 2,667,942 shares of the company’s stock valued at $10,885,000 after buying an additional 681,111 shares during the last quarter. Finally, Amundi lifted its stake in Marqeta by 99.6% in the 1st quarter. Amundi now owns 20,301 shares of the company’s stock valued at $83,000 after acquiring an additional 10,129 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Marqeta Company Profile

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.