Marqeta (NASDAQ:MQ) Shares Up 3.7% – Should You Buy?

Marqeta, Inc. (NASDAQ:MQ)’s stock price shot up 3.7% during trading on Thursday . The stock traded as high as $5.14 and last traded at $5.11. 1,303,504 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 4,585,501 shares. The stock had previously closed at $4.93.

Analysts Set New Price Targets

A number of brokerages have issued reports on MQ. Susquehanna reiterated a “positive” rating and issued a $9.00 price target on shares of Marqeta in a research note on Tuesday, August 6th. JPMorgan Chase & Co. cut their price target on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. UBS Group dropped their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. Keefe, Bruyette & Woods dropped their price objective on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Monday, July 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $5.50 price objective on shares of Marqeta in a report on Monday, June 24th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Marqeta currently has an average rating of “Moderate Buy” and an average target price of $7.11.

Marqeta Price Performance

The firm has a market cap of $2.61 billion, a PE ratio of -13.97 and a beta of 1.77. The business’s 50 day moving average price is $5.10 and its 200 day moving average price is $5.35.

Marqeta (NASDAQ:MQ) last posted its earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. The company had revenue of $125.30 million for the quarter, compared to analyst estimates of $121.87 million. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. Marqeta’s revenue was down 45.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) EPS. As a group, analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

A number of hedge funds have recently added to or reduced their stakes in MQ. Bullseye Asset Management LLC increased its position in shares of Marqeta by 12.8% in the 4th quarter. Bullseye Asset Management LLC now owns 220,790 shares of the company’s stock valued at $1,541,000 after purchasing an additional 25,000 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Marqeta in the 4th quarter valued at approximately $194,000. Vanguard Group Inc. increased its position in shares of Marqeta by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 45,793,157 shares of the company’s stock valued at $319,636,000 after purchasing an additional 1,592,977 shares during the last quarter. Renaissance Capital LLC grew its position in shares of Marqeta by 1.2% in the 1st quarter. Renaissance Capital LLC now owns 307,662 shares of the company’s stock valued at $1,834,000 after buying an additional 3,523 shares during the last quarter. Finally, Sanders Morris Harris LLC purchased a new position in shares of Marqeta in the 1st quarter valued at $328,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

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.