Marqeta (NASDAQ:MQ) Shares Gap Up to $15.16

Marqeta, Inc. (NASDAQ:MQ) gapped up before the market opened on Thursday . The stock had previously closed at $15.16, but opened at $15.72. Marqeta shares last traded at $15.23, with a volume of 68,968 shares trading hands.

Several brokerages have commented on MQ. Mizuho upgraded shares of Marqeta from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $27.00 to $20.00 in a research note on Thursday. Sumitomo Mitsui Financial Group began coverage on shares of Marqeta in a research note on Wednesday, November 3rd. They set an “underperform” rating and a $26.00 price objective for the company. Truist Securities decreased their price objective on shares of Marqeta from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, January 10th. Loop Capital initiated coverage on shares of Marqeta in a research note on Monday, December 20th. They set a “hold” rating and a $19.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Marqeta from a “buy” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $27.15.

The firm’s fifty day moving average is $19.10 and its 200 day moving average is $23.97.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Wednesday, November 10th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.12. The company had revenue of $131.51 million during the quarter, compared to analyst estimates of $120.31 million. Marqeta had a negative net margin of 31.31% and a negative return on equity of 20.63%. On average, analysts anticipate that Marqeta, Inc. will post -0.41 earnings per share for the current year.

In other news, major shareholder 83North Ii Limited Partnership sold 2,751,468 shares of the company’s stock in a transaction on Friday, November 12th. The shares were sold at an average price of $25.37, for a total transaction of $69,804,743.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Seth R. Weissman sold 70,000 shares of the company’s stock in a transaction on Monday, November 29th. The stock was sold at an average price of $20.53, for a total transaction of $1,437,100.00. The disclosure for this sale can be found here.

Several hedge funds have recently made changes to their positions in MQ. Coatue Management LLC boosted its position in shares of Marqeta by 846.9% during the 3rd quarter. Coatue Management LLC now owns 28,449,054 shares of the company’s stock valued at $612,409,000 after acquiring an additional 25,444,638 shares during the last quarter. Vitruvian Partners LLP acquired a new position in shares of Marqeta during the 2nd quarter valued at about $602,556,000. Lone Pine Capital LLC acquired a new position in shares of Marqeta during the 2nd quarter valued at about $490,574,000. BlackRock Inc. acquired a new position in shares of Marqeta during the 2nd quarter valued at about $252,130,000. Finally, FMR LLC acquired a new position in shares of Marqeta during the 2nd quarter valued at about $138,750,000. 23.35% of the stock is currently owned by hedge funds and other institutional investors.

About Marqeta (NASDAQ:MQ)

Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in the various verticals, including commerce disruptors, digital banks, tech giants, and large financial institutions.

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