Harbor Capital Advisors Inc. Increases Position in Marqeta, Inc. (NASDAQ:MQ)

Harbor Capital Advisors Inc. raised its holdings in Marqeta, Inc. (NASDAQ:MQ) by 316.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 120,251 shares of the company’s stock after purchasing an additional 91,354 shares during the period. Harbor Capital Advisors Inc.’s holdings in Marqeta were worth $659,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Marqeta by 6.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 220,625 shares of the company’s stock valued at $1,540,000 after purchasing an additional 12,498 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Marqeta by 38.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 43,243 shares of the company’s stock valued at $302,000 after buying an additional 12,036 shares during the period. Sapient Capital LLC purchased a new position in shares of Marqeta during the 4th quarter worth approximately $177,000. SVB Wealth LLC purchased a new stake in Marqeta in the fourth quarter valued at approximately $70,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Marqeta by 6.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,857 shares of the company’s stock worth $620,000 after purchasing an additional 5,306 shares in the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MQ. William Blair reiterated an “outperform” rating on shares of Marqeta in a report on Wednesday, May 8th. Monness Crespi & Hardt boosted their target price on Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Susquehanna reissued a “positive” rating and issued a $9.00 price objective on shares of Marqeta in a report on Tuesday. The Goldman Sachs Group restated a “neutral” rating and set a $5.50 price objective on shares of Marqeta in a research report on Monday, June 24th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $6.00 target price on shares of Marqeta in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Marqeta presently has a consensus rating of “Moderate Buy” and an average price target of $7.13.

Marqeta Price Performance

Shares of MQ stock remained flat at $4.89 during mid-day trading on Wednesday. 6,137,408 shares of the stock were exchanged, compared to its average volume of 4,962,782. The firm’s 50-day moving average is $5.32 and its 200 day moving average is $5.70. Marqeta, Inc. has a fifty-two week low of $4.40 and a fifty-two week high of $7.36. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -13.64 and a beta of 1.78.

Marqeta (NASDAQ:MQ) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Marqeta had a negative return on equity of 11.84% and a negative net margin of 32.98%. The firm had revenue of $117.90 million for the quarter, compared to analyst estimates of $117.05 million. During the same period in the previous year, the company posted ($0.13) EPS. Marqeta’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, equities research analysts predict that Marqeta, Inc. will post 0.01 EPS for the current fiscal year.

Insider Transactions at Marqeta

In other news, Director Martha Cummings sold 40,241 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total transaction of $220,118.27. Following the completion of the transaction, the director now directly owns 19,000 shares in the company, valued at approximately $103,930. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 12.12% of the company’s stock.

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.