Citigroup Initiates Coverage on Marqeta (NASDAQ:MQ)

Key Points

• Citigroup initiated coverage on Marqeta, assigning a "neutral" rating and a price target of $5.00, suggesting a potential upside of 7.30% from its current trading price.
• Recent stock analysis shows varied ratings, with three analysts recommending a buy, ten a hold, and two a sell, resulting in an average price target of $5.77.
• Insider trading activity includes significant sales by executives, with Todd Pollak and Jason M. Gardner selling shares, indicating potential concerns from insiders about the company's stock performance.

Investment analysts at Citigroup initiated coverage on shares of Marqeta (NASDAQ:MQ - Get Free Report) in a report released on Wednesday,Benzinga reports. The brokerage set a "neutral" rating and a $5.00 price target on the stock. Citigroup's price target would indicate a potential upside of 7.30% from the company's current price.

MQ has been the subject of a number of other reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Marqeta in a research note on Wednesday, October 8th. UBS Group increased their price objective on shares of Marqeta from $5.00 to $5.75 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. The Goldman Sachs Group set a $5.00 price objective on shares of Marqeta and gave the company a "sell" rating in a research report on Monday, October 13th. JPMorgan Chase & Co. increased their target price on Marqeta from $6.00 to $8.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Marqeta in a report on Thursday, July 17th. They issued a "hold" rating and a $6.00 price target on the stock. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.77.

Marqeta Price Performance

Shares of MQ remained flat at $4.66 during midday trading on Wednesday. The stock had a trading volume of 5,884,940 shares, compared to its average volume of 5,936,374. The firm has a 50 day moving average of $5.63 and a 200 day moving average of $5.31. Marqeta has a 12 month low of $3.37 and a 12 month high of $7.04. The firm has a market cap of $2.09 billion, a P/E ratio of -35.85 and a beta of 1.51.

Insider Buying and Selling

In related news, CRO Todd Pollak sold 116,493 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $6.19, for a total transaction of $721,091.67. Following the sale, the executive owned 364,525 shares of the company's stock, valued at $2,256,409.75. This trade represents a 24.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jason M. Gardner sold 31,627 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $6.26, for a total value of $197,985.02. Following the sale, the director owned 15,367,373 shares in the company, valued at $96,199,754.98. This represents a 0.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,398,120 shares of company stock worth $15,836,577 in the last 90 days. Company insiders own 12.61% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in shares of Marqeta by 44.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 67,579 shares of the company's stock worth $287,000 after buying an additional 20,909 shares during the period. Strs Ohio acquired a new stake in Marqeta during the 1st quarter worth about $698,000. Invesco Ltd. raised its position in shares of Marqeta by 7.6% in the 1st quarter. Invesco Ltd. now owns 5,797,217 shares of the company's stock worth $23,885,000 after acquiring an additional 411,571 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of Marqeta by 62.2% in the 2nd quarter. TD Asset Management Inc now owns 622,848 shares of the company's stock valued at $3,631,000 after purchasing an additional 238,748 shares during the period. Finally, Teacher Retirement System of Texas bought a new stake in shares of Marqeta during the 1st quarter valued at about $252,000. 78.64% of the stock is owned by institutional investors.

Marqeta Company Profile

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.

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