The Goldman Sachs Group Forecasts Strong Price Appreciation for Marqeta (NASDAQ:MQ) Stock

Key Points

• The Goldman Sachs Group has raised Marqeta's price target from $5.50 to $7.50, indicating a potential Upside of 14.17% from current prices.
• Marqeta's stock increased by 15.7% on Thursday, reaching $6.57, with a significant trading volume of over 13 million shares.
• Institutional investors now hold 78.64% of Marqeta's shares, including notable increases from firms like Price T Rowe Associates Inc. and Wellington Management Group LLP.

Marqeta (NASDAQ:MQ - Get Free Report) had its target price boosted by equities researchers at The Goldman Sachs Group from $5.50 to $7.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. The Goldman Sachs Group's target price indicates a potential upside of 17.55% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Marqeta in a research report on Thursday, July 17th. They set a "hold" rating and a $6.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Marqeta from a "neutral" rating to an "overweight" rating and increased their price target for the company from $5.00 to $6.00 in a research report on Monday, May 19th. Keefe, Bruyette & Woods increased their price target on shares of Marqeta from $4.50 to $6.50 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. UBS Group increased their price target on shares of Marqeta from $5.00 to $5.75 and gave the company a "neutral" rating in a research report on Thursday. Finally, Barclays increased their price target on shares of Marqeta from $4.00 to $5.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $6.11.

Marqeta Price Performance

NASDAQ MQ traded down $0.14 on Thursday, reaching $6.38. 5,474,045 shares of the company's stock traded hands, compared to its average volume of 5,291,775. Marqeta has a 12 month low of $3.37 and a 12 month high of $7.04. The stock has a 50-day simple moving average of $5.76 and a 200 day simple moving average of $4.73. The stock has a market cap of $2.99 billion, a PE ratio of -49.08 and a beta of 1.54.

Insider Activity

In related news, Director Jason M. Gardner sold 2,250,000 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $6.63, for a total value 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 $102,095,370. This trade represents a 12.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 12.61% of the company's stock.

Institutional Trading of Marqeta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI purchased a new stake in Marqeta in the second quarter worth $460,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in 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 buying an additional 275,370 shares during the period. Los Angeles Capital Management LLC purchased a new position in Marqeta during the second quarter valued at $92,000. Fox Run Management L.L.C. purchased a new position in Marqeta during the second quarter valued at $308,000. Finally, Cornerstone Investment Partners LLC purchased a new position in Marqeta during the second quarter valued at $162,000. Hedge funds and other institutional investors own 78.64% of the company's stock.

Marqeta Company 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.