Wellington Management Group LLP Sells 142,732 Shares of Marqeta, Inc. $MQ

Key Points

• Wellington Management Group LLP reduced its stake in Marqeta, Inc. by 2.7%, owning approximately 5,059,727 shares, valued at $20.8 million following the sale.
• Insider trading was noted as Director Jason M. Gardner sold 2,250,000 shares on August 7, resulting in a 12.75% decrease in his ownership.
• Marqeta's stock price opened at $6.17, with a 12-month high of $7.04 and a consensus rating of "Hold" from analysts, with an average price target of $6.11.

Wellington Management Group LLP lessened its holdings in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,059,727 shares of the company's stock after selling 142,732 shares during the period. Wellington Management Group LLP owned 1.00% of Marqeta worth $20,846,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Stifel Financial Corp acquired a new position in shares of Marqeta during the fourth quarter worth $41,000. Blueshift Asset Management LLC raised its stake in Marqeta by 23.2% during the first quarter. Blueshift Asset Management LLC now owns 12,400 shares of the company's stock worth $51,000 after buying an additional 2,333 shares during the last quarter. R Squared Ltd raised its stake in Marqeta by 624.1% during the first quarter. R Squared Ltd now owns 13,106 shares of the company's stock worth $54,000 after buying an additional 11,296 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Marqeta during the first quarter worth $62,000. Finally, Oxford Asset Management LLP bought a new position in Marqeta during the fourth quarter worth $65,000. Institutional investors and hedge funds own 78.64% of the company's stock.

Marqeta Trading Down 0.2%

Shares of MQ stock traded down $0.01 during trading on Friday, reaching $6.36. 3,423,616 shares of the company's stock traded hands, compared to its average volume of 5,033,718. The company has a market capitalization of $2.85 billion, a P/E ratio of -48.92 and a beta of 1.55. The firm's 50-day moving average is $5.97 and its 200 day moving average is $4.97. Marqeta, Inc. has a 1 year low of $3.37 and a 1 year high of $7.04.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MQ. Keefe, Bruyette & Woods lifted their target price on shares of 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. lifted their target price on shares of Marqeta from $6.00 to $8.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. UBS Group lifted their target price on shares of Marqeta from $5.00 to $5.75 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their target price on shares of Marqeta from $5.50 to $7.50 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Barclays lifted their target price on shares of Marqeta from $4.00 to $5.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $6.11.

Insider Buying and Selling

In related news, Director Jason M. Gardner sold 2,250,000 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $6.63, for a total transaction of $14,917,500.00. Following the sale, the director directly owned 15,399,000 shares in the company, valued at approximately $102,095,370. This represents a 12.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Todd Pollak sold 116,493 shares of the company'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 sale, the executive owned 364,525 shares in the company, valued at $2,256,409.75. The trade was a 24.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.