Kettle Hill Capital Management LLC Invests $2.37 Million in Marqeta, Inc. $MQ

Key Points

• Kettle Hill Capital Management LLC acquired 575,755 shares of Marqeta, Inc. for approximately $2.37 million in the first quarter, increasing their stake to about 0.11% of the company.
• Analyst ratings show a recent lift in price targets, with Goldman Sachs raising the target from $5.50 to $7.50, indicating a consensus rating of "Hold" and an average target price of $6.11.
• Insider activity revealed significant share sales, with Director Jason M. Gardner selling 2.25 million shares for around $14.92 million, representing a 12.75% decrease in his ownership stake.

Kettle Hill Capital Management LLC purchased a new position in Marqeta, Inc. (NASDAQ:MQ - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 575,755 shares of the company's stock, valued at approximately $2,372,000. Kettle Hill Capital Management LLC owned 0.11% of Marqeta at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MQ. Raymond James Financial Inc. acquired a new stake in shares of Marqeta in the 4th quarter worth approximately $288,000. Tower Research Capital LLC TRC lifted its stake in Marqeta by 36.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 19,312 shares of the company's stock valued at $73,000 after purchasing an additional 5,154 shares during the last quarter. Stifel Financial Corp acquired a new stake in Marqeta during the fourth quarter valued at approximately $41,000. Northern Trust Corp lifted its stake in Marqeta by 3.9% during the fourth quarter. Northern Trust Corp now owns 4,301,993 shares of the company's stock valued at $16,305,000 after purchasing an additional 161,968 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Marqeta by 35.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 101,092 shares of the company's stock valued at $383,000 after purchasing an additional 26,492 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Marqeta Stock Performance

Shares of NASDAQ:MQ traded up $0.04 during mid-day trading on Friday, hitting $6.15. The stock had a trading volume of 3,260,575 shares, compared to its average volume of 3,605,660. The company has a market cap of $2.76 billion, a PE ratio of -47.31 and a beta of 1.55. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.04. The company's 50 day moving average is $6.01 and its 200-day moving average is $5.05.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Marqeta in a research note on Thursday, July 17th. They set a "hold" rating and a $6.00 target price for the company. Barclays increased their target price on shares of Marqeta from $4.00 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. UBS Group increased their target price on shares of Marqeta from $5.00 to $5.75 and gave the company a "neutral" rating in a research note on Thursday, August 7th. The Goldman Sachs Group increased their target price on shares of Marqeta from $5.50 to $7.50 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Marqeta from $6.00 to $8.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $6.11.

Marqeta 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.