Marqeta (NASDAQ:MQ) Hits New 12-Month High on Analyst Upgrade

Marqeta, Inc. (NASDAQ:MQ - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $4.50 to $6.50. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Marqeta traded as high as $6.01 and last traded at $5.97, with a volume of 492658 shares traded. The stock had previously closed at $5.92.

A number of other brokerages also recently issued reports on MQ. JPMorgan Chase & Co. upgraded Marqeta from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $5.00 to $6.00 in a research report on Monday, May 19th. UBS Group increased their target price on Marqeta from $4.75 to $5.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Barclays increased their target price on Marqeta from $4.00 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group reduced their target price on Marqeta from $4.50 to $4.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Marqeta has a consensus rating of "Hold" and a consensus target price of $5.36.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in Marqeta by 2.5% during the 4th quarter. Arizona State Retirement System now owns 116,397 shares of the company's stock valued at $441,000 after acquiring an additional 2,860 shares during the period. Raymond James Financial Inc. purchased a new position in Marqeta during the 4th quarter valued at about $288,000. Swiss National Bank lifted its position in Marqeta by 2.5% during the 4th quarter. Swiss National Bank now owns 788,900 shares of the company's stock valued at $2,990,000 after acquiring an additional 19,100 shares during the period. Corient Private Wealth LLC lifted its position in Marqeta by 438.3% during the 4th quarter. Corient Private Wealth LLC now owns 125,393 shares of the company's stock valued at $475,000 after acquiring an additional 102,100 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Marqeta in the fourth quarter worth approximately $168,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Marqeta Price Performance

The firm's 50 day moving average price is $5.34 and its 200-day moving average price is $4.41. The stock has a market cap of $2.67 billion, a P/E ratio of 57.10 and a beta of 1.54.

Marqeta (NASDAQ:MQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. Marqeta had a net margin of 10.43% and a return on equity of 5.11%. The firm had revenue of $139.07 million during the quarter, compared to analysts' expectations of $135.66 million. During the same period in the previous year, the company earned ($0.07) earnings per share. The firm's quarterly revenue was up 17.9% on a year-over-year basis. On average, analysts expect that Marqeta, Inc. will post 0.06 earnings per share for the current year.

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.