Marqeta (NASDAQ:MQ) Shares Gap Down - Here's What Happened

Key Points

• Marqeta shares opened at $4.82 after closing at $4.94, with the last recorded price at $4.65.
• UBS Group raised Marqeta's target price from $5.00 to $5.75, while Weiss Ratings maintained a sell rating and the consensus rating is currently "Hold."
• Insider selling included a transaction by Director Jason M. Gardner, who sold 2,250,000 shares at an average price of $6.63.

Shares of Marqeta, Inc. (NASDAQ:MQ - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $4.94, but opened at $4.82. Marqeta shares last traded at $4.65, with a volume of 1,038,902 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MQ shares. UBS Group increased their target price on shares of Marqeta from $5.00 to $5.75 and gave the company a "neutral" rating in a report on Thursday, August 7th. Keefe, Bruyette & Woods reduced their price target on shares of Marqeta from $6.50 to $6.00 and set a "market perform" rating for the company in a research report on Wednesday, October 1st. JPMorgan Chase & Co. increased their price target on shares of Marqeta from $6.00 to $8.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Marqeta in a research report on Thursday, July 17th. They set a "hold" rating and a $6.00 price target for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Marqeta in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Marqeta currently has a consensus rating of "Hold" and a consensus target price of $5.84.

Marqeta Price Performance

The stock has a market cap of $2.11 billion, a PE ratio of -36.19 and a beta of 1.51. The firm's 50 day moving average price is $5.84 and its two-hundred day moving average price is $5.29.

Insider Activity

In other news, Director Jason M. Gardner sold 2,250,000 shares of Marqeta stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $6.63, for a total value of $14,917,500.00. Following the completion of the transaction, the director owned 15,399,000 shares in the company, valued at $102,095,370. This trade represents a 12.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Todd Pollak sold 116,493 shares of Marqeta stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $6.19, for a total transaction of $721,091.67. Following the completion of the transaction, the executive owned 364,525 shares of the company's stock, valued at $2,256,409.75. The trade was a 24.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,398,120 shares of company stock valued at $15,836,577 in the last quarter. Corporate insiders own 12.61% of the company's stock.

Hedge Funds Weigh In On Marqeta

A number of large investors have recently modified their holdings of MQ. Alpine Global Management LLC bought a new position in shares of Marqeta in the first quarter valued at approximately $42,000. Blueshift Asset Management LLC boosted its position in shares of Marqeta by 23.2% in the first quarter. Blueshift Asset Management LLC now owns 12,400 shares of the company's stock valued at $51,000 after acquiring an additional 2,333 shares during the period. R Squared Ltd boosted its position in shares of Marqeta by 624.1% in the first quarter. R Squared Ltd now owns 13,106 shares of the company's stock valued at $54,000 after acquiring an additional 11,296 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Marqeta by 61.8% in the second quarter. Nisa Investment Advisors LLC now owns 9,787 shares of the company's stock valued at $57,000 after acquiring an additional 3,737 shares during the period. Finally, AQR Capital Management LLC bought a new position in shares of Marqeta in the first quarter valued at approximately $57,000. 78.64% of the stock is currently owned by institutional investors.

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.

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