Marqeta (NASDAQ:MQ) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Marqeta from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with one Buy, eight Hold, and one Sell rating and an average price target of $19.71.
• Marqeta shares opened at $18.18 and were down 2.0%, with a market capitalization of approximately $1.89 billion. The stock has traded between $14.80 and $22.28 over the past year.
• The company exceeded quarterly expectations, reporting $0.07 in EPS versus a $0.01 estimate and $176 million in revenue versus $172.96 million expected; revenue increased 17% year over year. Institutional investors own 78.64% of the stock.

Marqeta (NASDAQ:MQ - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday, Zacks reports.

MQ has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price objective on shares of Marqeta from $18.00 to $19.00 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Marqeta from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Marqeta from $4.50 to $18.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $19.71.

Marqeta Trading Down 2.0%

NASDAQ MQ opened at $18.18 on Tuesday. Marqeta has a 1-year low of $14.80 and a 1-year high of $22.28. The firm's fifty day simple moving average is $16.47 and its 200-day simple moving average is $16.44. The company has a market capitalization of $1.89 billion, a PE ratio of 165.27 and a beta of 1.21.

Marqeta (NASDAQ:MQ - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.06. Marqeta had a return on equity of 1.36% and a net margin of 1.53%. The firm had revenue of $176.00 million during the quarter, compared to analysts' expectations of $172.96 million. The business's revenue was up 17.0% on a year-over-year basis. As a group, analysts predict that Marqeta will post 0.28 EPS for the current year.

Hedge Funds Weigh In On Marqeta

A number of institutional investors have recently modified their holdings of the company. California State Teachers Retirement System raised its position in shares of Marqeta by 32.4% during the first quarter. California State Teachers Retirement System now owns 469,391 shares of the company's stock valued at $1,915,000 after buying an additional 114,943 shares during the last quarter. Empowered Funds LLC grew its position in Marqeta by 59.0% during the first quarter. Empowered Funds LLC now owns 93,586 shares of the company's stock worth $382,000 after buying an additional 34,731 shares in the last quarter. First Trust Advisors LP increased its stake in Marqeta by 33.8% during the first quarter. First Trust Advisors LP now owns 1,034,889 shares of the company's stock valued at $4,222,000 after acquiring an additional 261,208 shares during the period. Dimensional Fund Advisors LP increased its stake in Marqeta by 6.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,779,290 shares of the company's stock valued at $35,818,000 after acquiring an additional 567,673 shares during the period. Finally, Parallel Advisors LLC increased its stake in Marqeta by 187.2% during the first quarter. Parallel Advisors LLC now owns 19,515 shares of the company's stock valued at $80,000 after acquiring an additional 12,721 shares during the period. Institutional investors own 78.64% of the company's stock.

Marqeta Company Profile

Marqeta, Inc is a financial technology company that provides a modern card-issuing and payment-processing platform. Its cloud-based infrastructure enables businesses to create, launch and manage physical, virtual and tokenized payment cards through application programming interfaces (APIs), without building a card program and processing network entirely in-house.

The Marqeta platform supports transaction processing, authorization, funding, digital wallet integration, card controls and fraud prevention.

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