Wells Fargo & Company MN Buys 73,851 Shares of Marqeta, Inc. (NASDAQ:MQ)

Wells Fargo & Company MN boosted its position in shares of Marqeta, Inc. (NASDAQ:MQ - Free Report) by 45.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 236,696 shares of the company's stock after purchasing an additional 73,851 shares during the period. Wells Fargo & Company MN's holdings in Marqeta were worth $897,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB grew its position in Marqeta by 107.8% in the fourth quarter. Nordea Investment Management AB now owns 851,278 shares of the company's stock valued at $3,265,000 after purchasing an additional 441,617 shares in the last quarter. Congress Asset Management Co. raised its holdings in Marqeta by 7.6% during the fourth quarter. Congress Asset Management Co. now owns 1,135,842 shares of the company's stock worth $4,305,000 after acquiring an additional 80,161 shares in the last quarter. Xponance Inc. raised its holdings in Marqeta by 11.5% during the fourth quarter. Xponance Inc. now owns 34,314 shares of the company's stock worth $130,000 after acquiring an additional 3,546 shares in the last quarter. Quantbot Technologies LP acquired a new position in Marqeta during the fourth quarter valued at approximately $235,000. Finally, JPMorgan Chase & Co. grew its stake in Marqeta by 263.0% in the third quarter. JPMorgan Chase & Co. now owns 1,320,893 shares of the company's stock valued at $6,499,000 after purchasing an additional 956,992 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company's stock.

Marqeta Stock Performance

Shares of NASDAQ MQ traded up $0.10 during trading hours on Tuesday, reaching $3.90. 8,304,967 shares of the stock were exchanged, compared to its average volume of 5,755,632. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 195.00 and a beta of 1.41. The stock's fifty day simple moving average is $4.05 and its 200 day simple moving average is $4.03. Marqeta, Inc. has a 52 week low of $3.37 and a 52 week high of $6.01.

Marqeta (NASDAQ:MQ - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm had revenue of $135.79 million for the quarter, compared to analysts' expectations of $132.71 million. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. Research analysts predict that Marqeta, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. The Goldman Sachs Group cut their price objective on Marqeta from $4.50 to $4.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Wells Fargo & Company cut their price target on shares of Marqeta from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Marqeta from $5.00 to $4.00 and set a "market perform" rating on the stock in a research note on Monday, January 6th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Marqeta currently has a consensus rating of "Hold" and an average price target of $5.29.

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.