Wells Fargo & Company Lowers Marqeta (NASDAQ:MQ) Price Target to $4.00

Marqeta (NASDAQ:MQ) had its price target decreased by equities researchers at Wells Fargo & Company from $5.00 to $4.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 5.26% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Susquehanna cut their price objective on shares of Marqeta from $9.00 to $7.00 and set a “positive” rating for the company in a research report on Tuesday, November 5th. Morgan Stanley cut their price objective on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. The Goldman Sachs Group cut their price objective on shares of Marqeta from $4.50 to $4.00 and set a “neutral” rating for the company in a research report on Monday, December 2nd. Finally, Barclays reissued an “equal weight” rating and issued a $4.00 target price (down previously from $5.00) on shares of Marqeta in a report on Tuesday, December 17th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Marqeta has an average rating of “Hold” and an average price target of $5.75.

Marqeta Stock Performance

MQ traded down $0.01 during trading on Thursday, reaching $3.80. 105,112 shares of the stock were exchanged, compared to its average volume of 3,225,338. The stock has a market cap of $1.91 billion, a P/E ratio of 190.00 and a beta of 1.52. Marqeta has a twelve month low of $3.37 and a twelve month high of $7.36. The stock’s 50 day moving average price is $3.86 and its two-hundred day moving average price is $4.73.

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 net margin of 2.86% and a return on equity of 1.20%. The company had revenue of $127.90 million during the quarter, compared to analyst estimates of $128.05 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Marqeta’s revenue for the quarter was up 20.8% on a year-over-year basis. Equities research analysts predict that Marqeta will post 0.06 earnings per share for the current fiscal year.

Institutional Trading of Marqeta

Several large investors have recently modified their holdings of the stock. Tallon Kerry Patrick acquired a new stake in shares of Marqeta during the 4th quarter worth approximately $98,000. Nordea Investment Management AB grew its position in shares of Marqeta by 107.8% during the 4th quarter. Nordea Investment Management AB now owns 851,278 shares of the company’s stock worth $3,265,000 after buying an additional 441,617 shares during the period. JPMorgan Chase & Co. grew its position in shares of Marqeta by 263.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,320,893 shares of the company’s stock worth $6,499,000 after buying an additional 956,992 shares during the period. Barclays PLC lifted its holdings in shares of Marqeta by 226.4% in the 3rd quarter. Barclays PLC now owns 861,414 shares of the company’s stock worth $4,238,000 after purchasing an additional 597,539 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Marqeta in the 3rd quarter valued at $339,000. Institutional investors and hedge funds 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.