Marqeta (NASDAQ:MQ) Given New $8.00 Price Target at UBS Group

Marqeta (NASDAQ:MQ) had its price objective lowered by research analysts at UBS Group from $8.50 to $8.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 53.26% from the stock’s current price.

MQ has been the subject of several other reports. Susquehanna reiterated a “positive” rating and set a $9.00 price target on shares of Marqeta in a report on Tuesday. Wedbush restated a “neutral” rating and set a $6.00 price target on shares of Marqeta in a report on Wednesday, May 8th. Wells Fargo & Company raised shares of Marqeta from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, June 25th. JPMorgan Chase & Co. dropped their target price on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Mizuho decreased their price target on shares of Marqeta from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Marqeta presently has a consensus rating of “Moderate Buy” and an average price target of $7.09.

Marqeta Stock Performance

Shares of MQ stock traded down $0.13 during midday trading on Friday, hitting $5.22. 1,028,761 shares of the company were exchanged, compared to its average volume of 5,004,371. Marqeta has a 52 week low of $4.40 and a 52 week high of $7.36. The firm has a market capitalization of $2.70 billion, a P/E ratio of -14.50 and a beta of 1.78. The firm’s 50 day moving average price is $5.31 and its two-hundred day moving average price is $5.69.

Marqeta (NASDAQ:MQ) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. Marqeta had a negative return on equity of 11.84% and a negative net margin of 32.98%. The business had revenue of $125.30 million during the quarter, compared to analysts’ expectations of $121.87 million. During the same period last year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. Analysts expect that Marqeta will post 0.01 EPS for the current year.

Insider Buying and Selling at Marqeta

In related news, Director Martha Cummings sold 40,241 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $5.47, for a total value of $220,118.27. Following the completion of the transaction, the director now directly owns 19,000 shares in the company, valued at $103,930. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.12% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Marqeta by 6.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 220,625 shares of the company’s stock valued at $1,540,000 after purchasing an additional 12,498 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Marqeta by 38.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 43,243 shares of the company’s stock worth $302,000 after buying an additional 12,036 shares during the period. Sapient Capital LLC bought a new position in shares of Marqeta in the 4th quarter worth about $177,000. SVB Wealth LLC purchased a new position in Marqeta during the 4th quarter valued at about $70,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Marqeta by 6.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,857 shares of the company’s stock worth $620,000 after acquiring an additional 5,306 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.