Interval Partners LP Raises Stake in Marqeta, Inc. $MQ

Key Points

• Interval Partners LP increased its stake in Marqeta, Inc. by 37.9%, now holding 613,699 shares valued at approximately $2.53 million.
• Several analysts have revised their price targets for Marqeta, with Goldman Sachs raising its target from $5.50 to $7.50 and maintaining a "neutral" rating.
• Insider trading activity includes significant sales, with Director Jason M. Gardner selling 31,627 shares and CRO Todd Pollak selling 116,493 shares in recent months.

Interval Partners LP boosted its position in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 37.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 613,699 shares of the company's stock after buying an additional 168,717 shares during the quarter. Interval Partners LP owned approximately 0.12% of Marqeta worth $2,528,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of Marqeta by 126.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,097,173 shares of the company's stock valued at $169,322,000 after purchasing an additional 22,928,070 shares during the period. RPD Fund Management LLC acquired a new position in Marqeta during the fourth quarter worth about $37,289,000. Wellington Management Group LLP acquired a new position in Marqeta during the fourth quarter worth about $19,717,000. Moore Capital Management LP acquired a new position in Marqeta during the fourth quarter worth about $13,761,000. Finally, Millennium Management LLC boosted its position in Marqeta by 110.6% during the fourth quarter. Millennium Management LLC now owns 3,620,476 shares of the company's stock worth $13,722,000 after acquiring an additional 1,901,695 shares during the last quarter. Hedge funds and other institutional investors own 78.64% of the company's stock.

Marqeta Trading Down 1.7%

Marqeta stock traded down $0.10 during midday trading on Wednesday, reaching $5.90. 6,901,121 shares of the stock traded hands, compared to its average volume of 6,366,728. The company has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $5.08. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.04. The firm has a market cap of $2.64 billion, a PE ratio of -45.38 and a beta of 1.55.

Analyst Upgrades and Downgrades

MQ has been the subject of a number of recent research reports. The Goldman Sachs Group raised their target price on Marqeta from $5.50 to $7.50 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Keefe, Bruyette & Woods raised their target price on Marqeta from $4.50 to $6.50 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. raised their target price on Marqeta from $6.00 to $8.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Marqeta in a report on Thursday, July 17th. They issued a "hold" rating and a $6.00 target price on the stock. Finally, UBS Group boosted their target price on shares of Marqeta from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Marqeta presently has an average rating of "Hold" and an average target price of $6.11.

Insider Buying and Selling

In other news, CRO Todd Pollak sold 116,493 shares of the firm's stock in a transaction dated 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 approximately $2,256,409.75. This trade represents a 24.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jason M. Gardner sold 31,627 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $6.26, for a total transaction of $197,985.02. Following the completion of the transaction, the director directly owned 15,367,373 shares in the company, valued at $96,199,754.98. This trade represents a 0.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,398,120 shares of company stock worth $15,836,577. Insiders own 12.61% of the company's stock.

About Marqeta

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.