Alkeon Capital Management LLC Increases Position in Marqeta, Inc. (NASDAQ:MQ)

Alkeon Capital Management LLC lifted its position in shares of Marqeta, Inc. (NASDAQ:MQ) by 31.3% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,420,663 shares of the company’s stock after buying an additional 1,767,845 shares during the quarter. Alkeon Capital Management LLC owned approximately 1.46% of Marqeta worth $36,510,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. J.Safra Asset Management Corp boosted its stake in Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock worth $34,000 after purchasing an additional 5,300 shares during the period. CreativeOne Wealth LLC bought a new position in shares of Marqeta during the third quarter worth $59,000. Russell Investments Group Ltd. grew its stake in Marqeta by 7,852.8% during the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after acquiring an additional 9,973 shares in the last quarter. Magnetar Financial LLC bought a new stake in Marqeta in the 2nd quarter valued at $61,000. Finally, XTX Topco Ltd purchased a new stake in Marqeta in the 2nd quarter worth $72,000. Institutional investors own 78.64% of the company’s stock.

Marqeta Stock Performance

Shares of MQ stock opened at $3.88 on Friday. The stock has a 50 day moving average price of $4.73 and a 200 day moving average price of $5.10. Marqeta, Inc. has a 52-week low of $3.37 and a 52-week high of $7.36. The firm has a market capitalization 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 for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, sell-side analysts forecast that Marqeta, Inc. will post 0.06 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MQ shares. Morgan Stanley cut their price objective on Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut Marqeta from a “buy” rating to a “hold” rating and cut their price target for the company from $9.00 to $4.00 in a report on Tuesday, November 5th. JPMorgan Chase & Co. lowered their target price on Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. The Goldman Sachs Group reduced their price target on shares of Marqeta from $5.50 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Finally, Mizuho lowered their price objective on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.27.

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.