Barclays Trims Marqeta (NASDAQ:MQ) Target Price to $7.00

Marqeta (NASDAQ:MQ) had its price objective lowered by stock analysts at Barclays from $8.00 to $7.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 23.24% from the stock’s previous close.

A number of other research firms have also commented on MQ. Wedbush reiterated a “neutral” rating and set a $6.00 price objective on shares of Marqeta in a research note on Wednesday. Monness Crespi & Hardt lifted their price target on shares of Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company lifted their price target on shares of Marqeta from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. William Blair restated an “outperform” rating on shares of Marqeta in a research report on Wednesday. Finally, Bank of America upgraded shares of Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Marqeta has an average rating of “Moderate Buy” and a consensus price target of $7.43.

Marqeta Price Performance

Shares of NASDAQ MQ traded down $0.16 during mid-day trading on Thursday, reaching $5.68. 2,797,514 shares of the company traded hands, compared to its average volume of 5,098,944. Marqeta has a fifty-two week low of $4.07 and a fifty-two week high of $7.36. The firm has a market cap of $2.92 billion, a PE ratio of -13.43 and a beta of 1.81. The stock has a fifty day simple moving average of $5.81 and a 200-day simple moving average of $6.06.

Marqeta (NASDAQ:MQ) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Marqeta had a negative net margin of 32.97% and a negative return on equity of 13.80%. The business had revenue of $117.90 million for the quarter, compared to analyst estimates of $117.05 million. During the same quarter last year, the business earned ($0.13) earnings per share. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, analysts predict that Marqeta will post -0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Marqeta

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Marqeta by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 45,793,157 shares of the company’s stock valued at $319,636,000 after buying an additional 1,592,977 shares during the period. FMR LLC boosted its stake in shares of Marqeta by 27.1% during the 3rd quarter. FMR LLC now owns 28,456,412 shares of the company’s stock valued at $170,169,000 after buying an additional 6,058,777 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Marqeta by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,305,306 shares of the company’s stock valued at $44,015,000 after purchasing an additional 900,675 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Marqeta by 14.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 5,814,628 shares of the company’s stock valued at $40,586,000 after purchasing an additional 739,871 shares during the last quarter. Finally, Alkeon Capital Management LLC lifted its stake in shares of Marqeta by 94.2% in the 3rd quarter. Alkeon Capital Management LLC now owns 5,155,103 shares of the company’s stock valued at $30,828,000 after purchasing an additional 2,500,000 shares during the last quarter. 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.