Abbington Investment Group Purchases Shares of 408,178 Marqeta, Inc. $MQ

Key Points

• Abbington Investment Group bought a new stake of 408,178 shares in Marqeta valued at about $1.94 million, making the position roughly 1.3% of its portfolio and leaving Abbington with about 0.09% ownership of the company.
• Wall Street sentiment has turned cautious: multiple brokerages recently cut price targets and Marqeta has a consensus rating of "Reduce" with a consensus target price of about $5.14.
• Insider Director Judson C. Linville purchased 25,570 shares at $3.93 (a 32.5% increase in his holdings), while the company beat quarterly revenue expectations with 26.7% year-over-year growth but remains unprofitable (negative net margin and ROE) and trades near about $4.06 market price.

Abbington Investment Group purchased a new stake in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 408,178 shares of the company's stock, valued at approximately $1,939,000. Marqeta accounts for approximately 1.3% of Abbington Investment Group's investment portfolio, making the stock its 26th largest position. Abbington Investment Group owned 0.09% of Marqeta as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Quarry LP bought a new position in Marqeta in the 3rd quarter worth $26,000. CTC Alternative Strategies Ltd. bought a new position in Marqeta in the 3rd quarter worth $55,000. AQR Capital Management LLC bought a new position in Marqeta in the 1st quarter worth $57,000. Campbell & CO Investment Adviser LLC bought a new position in Marqeta in the 3rd quarter worth $60,000. Finally, Prelude Capital Management LLC bought a new position in Marqeta in the 3rd quarter worth $62,000. Institutional investors own 78.64% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MQ. UBS Group dropped their target price on shares of Marqeta from $5.00 to $4.25 and set a "neutral" rating for the company in a research report on Wednesday, February 25th. Morgan Stanley dropped their target price on shares of Marqeta from $6.00 to $5.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 25th. Keefe, Bruyette & Woods dropped their target price on shares of Marqeta from $6.00 to $5.50 and set a "market perform" rating for the company in a research report on Friday, January 2nd. JPMorgan Chase & Co. initiated coverage on shares of Marqeta in a research report on Tuesday, February 17th. They set an "overweight" rating and a $6.00 target price for the company. Finally, Wolfe Research downgraded Marqeta from an "outperform" rating to a "peer perform" rating in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Marqeta currently has a consensus rating of "Reduce" and a consensus target price of $5.14.

Insider Activity

In related news, Director Judson C. Linville acquired 25,570 shares of the stock in a transaction dated Friday, February 27th. The stock was acquired at an average cost of $3.93 per share, with a total value of $100,490.10. Following the purchase, the director directly owned 104,220 shares of the company's stock, valued at approximately $409,584.60. This trade represents a 32.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.61% of the stock is owned by insiders.

Marqeta Stock Performance

NASDAQ MQ opened at $4.06 on Wednesday. The company has a market capitalization of $1.73 billion, a P/E ratio of -135.33 and a beta of 1.39. Marqeta, Inc. has a one year low of $3.70 and a one year high of $7.04. The stock has a 50 day moving average price of $4.04 and a 200-day moving average price of $4.49.

Marqeta (NASDAQ:MQ - Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.00 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.01. The firm had revenue of $172.11 million during the quarter, compared to the consensus estimate of $167.05 million. Marqeta had a negative net margin of 2.23% and a negative return on equity of 1.62%. The firm's revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) EPS. As a group, equities analysts predict that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Marqeta Company Profile

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta's infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.

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