Rhumbline Advisers Boosts Holdings in Marqeta, Inc. $MQ

Key Points

• Rhumbline Advisers increased its stake in Marqeta, acquiring an additional 47,965 shares, bringing its total ownership to approximately 686,876 shares worth $2.83 million.
• Recent analyst reports have upgraded Marqeta's stock prices, with JPMorgan Chase raising its target to $8.00 and multiple firms now giving the stock a consensus rating of "Hold."
• Marqeta's stock currently has a market cap of $2.60 billion, with a 52-week price range of $3.37 to $7.04.

Rhumbline Advisers raised its stake in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 686,876 shares of the company's stock after purchasing an additional 47,965 shares during the quarter. Rhumbline Advisers owned 0.15% of Marqeta worth $2,830,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MQ. Price T Rowe Associates Inc. MD increased its stake in 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 acquiring an additional 22,928,070 shares during the period. Wellington Management Group LLP bought a new stake in Marqeta during the fourth quarter worth about $19,717,000. Millennium Management LLC grew its stake 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 buying an additional 1,901,695 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Marqeta during the first quarter worth about $6,154,000. Finally, Nuveen LLC bought a new stake in Marqeta during the first quarter worth about $5,420,000. Institutional investors own 78.64% of the company's stock.

Marqeta Price Performance

Shares of NASDAQ MQ traded down $0.12 during trading on Friday, hitting $5.69. The stock had a trading volume of 4,723,633 shares, compared to its average volume of 3,512,528. Marqeta, Inc. has a 12 month low of $3.37 and a 12 month high of $7.04. The company has a market capitalization of $2.55 billion, a PE ratio of -43.77 and a beta of 1.55. The firm has a fifty day moving average of $6.00 and a two-hundred day moving average of $5.17.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MQ shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Marqeta in a research note on Thursday, July 17th. They set a "hold" rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Marqeta from $6.00 to $8.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Keefe, Bruyette & Woods upped their target price on shares of Marqeta from $4.50 to $6.50 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. UBS Group upped their target price 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. Finally, The Goldman Sachs Group upped their target price on shares of Marqeta from $5.50 to $7.50 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Marqeta has an average rating of "Hold" and a consensus price target of $6.11.

Insider Activity

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

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.