ZWJ Investment Counsel Inc. Has $11.45 Million Stake in Marqeta, Inc. $MQ

Key Points

• ZWJ Investment Counsel Inc. has increased its stake in Marqeta, Inc. by 4.5%, owning approximately $11.45 million worth of shares after acquiring additional stock during the second quarter.
• Director Jason M. Gardner and CRO Todd Pollak collectively sold over 148,000 shares of Marqeta stock in recent transactions, reflecting notable insider trading activity.
• Analysts have varied ratings for Marqeta, with three giving it a Buy rating, ten assigning a Hold rating, and an average price target of $6.07.

ZWJ Investment Counsel Inc. grew its stake in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,964,579 shares of the company's stock after buying an additional 84,025 shares during the period. ZWJ Investment Counsel Inc. owned approximately 0.42% of Marqeta worth $11,453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its holdings in Marqeta by 313.3% during the second quarter. Public Employees Retirement System of Ohio now owns 168,430 shares of the company's stock worth $982,000 after buying an additional 127,682 shares during the last quarter. Kapitalo Investimentos Ltda bought a new position in Marqeta during the second quarter worth about $81,000. Rhumbline Advisers boosted its holdings in Marqeta by 7.5% during the first quarter. Rhumbline Advisers now owns 686,876 shares of the company's stock worth $2,830,000 after buying an additional 47,965 shares during the last quarter. Strs Ohio bought a new position in Marqeta during the first quarter worth about $698,000. Finally, Intech Investment Management LLC boosted its holdings in Marqeta by 22.1% during the first quarter. Intech Investment Management LLC now owns 288,114 shares of the company's stock worth $1,187,000 after buying an additional 52,219 shares during the last quarter. Institutional investors own 78.64% of the company's stock.

Insider Activity

In other Marqeta news, Director Jason M. Gardner sold 31,627 shares of Marqeta stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $6.26, for a total value of $197,985.02. Following the sale, the director owned 15,367,373 shares of the company's stock, valued at $96,199,754.98. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Todd Pollak sold 116,493 shares of Marqeta stock in a transaction dated 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 directly owned 364,525 shares in the company, valued at $2,256,409.75. This represents a 24.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,398,120 shares of company stock worth $15,836,577 in the last three months. Company insiders own 12.61% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on MQ. Deutsche Bank Aktiengesellschaft began coverage on Marqeta in a research note on Thursday, July 17th. They set a "hold" rating and a $6.00 price objective on the stock. UBS Group raised their price objective on 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 raised their price objective on Marqeta from $5.50 to $7.50 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on Marqeta from $6.00 to $8.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, Keefe, Bruyette & Woods dropped their price objective on Marqeta from $6.50 to $6.00 and set a "market perform" rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $6.07.

Marqeta Price Performance

MQ opened at $5.11 on Friday. The business's 50-day moving average price is $5.90 and its two-hundred day moving average price is $5.26. Marqeta, Inc. has a 1 year low of $3.37 and a 1 year high of $7.04. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -39.31 and a beta of 1.51.

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.

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