JPMorgan Chase & Co. Cuts Marqeta (NASDAQ:MQ) Price Target to $5.00

Marqeta (NASDAQ:MQ) had its price target cut by JPMorgan Chase & Co. from $6.00 to $5.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on MQ. Susquehanna decreased their price objective on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research report on Tuesday. KeyCorp downgraded shares of Marqeta from an “overweight” rating to a “sector weight” rating in a research note on Tuesday. UBS Group cut their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Morgan Stanley cut their target price on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Keefe, Bruyette & Woods cut their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Monday, July 8th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.27.

Marqeta Stock Performance

Shares of NASDAQ MQ opened at $3.83 on Tuesday. Marqeta has a one year low of $3.37 and a one year high of $7.36. The company’s fifty day moving average is $5.08 and its two-hundred day moving average is $5.28. The firm has a market capitalization of $1.95 billion, a P/E ratio of 191.50 and a beta of 1.73.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a return on equity of 1.17% and a net margin of 2.86%. The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Marqeta’s quarterly revenue was up 20.8% on a year-over-year basis. On average, sell-side analysts forecast that Marqeta will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marqeta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd boosted its holdings in Marqeta by 17,340.0% in the 1st quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after acquiring an additional 4,335 shares during the period. J.Safra Asset Management Corp boosted its stake in shares of Marqeta by 633.2% during the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after buying an additional 5,300 shares during the last quarter. Russell Investments Group Ltd. boosted its stake 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 purchased a new position in shares of Marqeta during the 2nd quarter valued at approximately $61,000. Finally, Empowered Funds LLC purchased a new position in shares of Marqeta during the 1st quarter valued at approximately $65,000. 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.