KeyCorp Downgrades Marqeta (NASDAQ:MQ) to Sector Weight

Marqeta (NASDAQ:MQ) was downgraded by research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research report issued on Tuesday, MarketBeat Ratings reports.

MQ has been the topic of a number of other reports. Keefe, Bruyette & Woods lowered their price objective on Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research report on Monday, July 8th. William Blair cut Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price objective on Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Wells Fargo & Company cut Marqeta from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $7.00 to $5.00 in a research report on Tuesday. Finally, UBS Group decreased their price target on Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.27.

Marqeta Stock Up 11.1 %

Shares of NASDAQ MQ opened at $3.80 on Tuesday. The business’s 50 day moving average is $5.11 and its two-hundred day moving average is $5.29. The company has a market cap of $1.93 billion, a P/E ratio of 190.00 and a beta of 1.73. Marqeta has a 12 month low of $3.37 and a 12 month high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $127.90 million during the quarter, compared to the consensus estimate of $128.05 million. Marqeta had a return on equity of 1.17% and a net margin of 2.86%. The business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. Sell-side analysts expect that Marqeta will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marqeta

Institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd boosted its stake in Marqeta by 17,340.0% in the first quarter. Covestor Ltd now owns 4,360 shares of the company’s stock worth $26,000 after purchasing an additional 4,335 shares in the last quarter. J.Safra Asset Management Corp raised its position in shares of Marqeta by 633.2% during the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock worth $34,000 after acquiring an additional 5,300 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Marqeta by 7,852.8% during the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after acquiring an additional 9,973 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Marqeta during the second quarter worth $61,000. Finally, Empowered Funds LLC bought a new stake in shares of Marqeta during the first quarter worth $65,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.