Jason M. Gardner Sells 2,250,000 Shares of Marqeta, Inc. (NASDAQ:MQ) Stock

Key Points

• Jason M. Gardner, the director of Marqeta, Inc., sold 2,250,000 shares of the company's stock for approximately $14.9 million, resulting in a 12.75% decrease in their holdings.
• Marqeta reported a 17.9% increase in revenue year-over-year, achieving $139.07 million for the quarter, and beat earnings estimates by posting an EPS of ($0.02).
• Institutions own 78.64% of Marqeta's stock, demonstrating significant interest from hedge funds, with some notably increasing their positions during the fourth quarter.

Marqeta, Inc. (NASDAQ:MQ - Get Free Report) Director Jason M. Gardner sold 2,250,000 shares of the business'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 completion of the sale, the director owned 15,399,000 shares of the company's stock, valued at approximately $102,095,370. The trade was a 12.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Marqeta Stock Up 1.0%

Shares of NASDAQ:MQ traded up $0.07 on Tuesday, reaching $6.45. 1,026,079 shares of the company's stock were exchanged, compared to its average volume of 6,690,326. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of -49.58 and a beta of 1.54. Marqeta, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $7.04. The business's 50-day moving average is $5.76 and its two-hundred day moving average is $4.73.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MQ shares. JPMorgan Chase & Co. boosted their price objective 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. Keefe, Bruyette & Woods upped their target price on shares of Marqeta from $4.50 to $6.50 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. UBS Group upped their target price on shares of Marqeta from $5.00 to $5.75 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Marqeta in a research note on Thursday, July 17th. They issued a "hold" rating and a $6.00 target price for the company. Finally, The Goldman Sachs Group upped their target price on shares of Marqeta from $5.50 to $7.50 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $6.11.

Institutional Trading of Marqeta

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc lifted its stake in Marqeta by 5.7% during the second quarter. Legal & General Group Plc now owns 517,137 shares of the company's stock valued at $3,015,000 after buying an additional 28,058 shares in the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in shares of Marqeta in the second quarter worth $84,000. Citizens Financial Group Inc. RI bought a new position in Marqeta in the second quarter worth $460,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Marqeta by 791.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 310,162 shares of the company's stock valued at $1,808,000 after acquiring an additional 275,370 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in shares of Marqeta in the second quarter valued at about $92,000. 78.64% of the stock is owned by institutional investors and hedge funds.

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.