KeyCorp Downgrades Marqeta (NASDAQ:MQ) to Sector Weight

KeyCorp cut shares of Marqeta (NASDAQ:MQ) from an overweight rating to a sector weight rating in a research report released on Tuesday morning, MarketBeat Ratings reports.

MQ has been the subject of several other research reports. Wells Fargo & Company downgraded shares of Marqeta from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $7.00 to $5.00 in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Keefe, Bruyette & Woods dropped their price objective on Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Monday, July 8th. UBS Group reduced their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Susquehanna reissued a “positive” rating and issued a $9.00 target price on shares of Marqeta in a research report on Tuesday, August 6th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.27.

Marqeta Price Performance

NASDAQ:MQ opened at $3.83 on Tuesday. Marqeta has a 12 month low of $3.37 and a 12 month high of $7.36. The firm has a market capitalization of $1.95 billion, a PE ratio of 191.50 and a beta of 1.73. The business’s fifty day moving average price is $5.08 and its 200 day moving average price is $5.28.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. Marqeta had a net margin of 2.86% and a return on equity of 1.17%. The company’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) EPS. As a group, equities analysts anticipate that Marqeta will post 0.06 EPS for the current year.

Institutional Trading of Marqeta

Institutional investors have recently added to or reduced their stakes in the stock. Congress Asset Management Co. increased its holdings in Marqeta by 46.8% in the third quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock valued at $5,194,000 after buying an additional 336,349 shares in the last quarter. Visa Foundation acquired a new stake in shares of Marqeta in the 2nd quarter worth approximately $68,197,000. Vanguard Group Inc. increased its stake in Marqeta by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock valued at $282,717,000 after purchasing an additional 1,642,621 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in Marqeta by 27.6% during the first quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock worth $44,216,000 after purchasing an additional 1,604,223 shares during the last quarter. Finally, Comerica Bank boosted its position in Marqeta by 27.8% during the first quarter. Comerica Bank now owns 1,007,954 shares of the company’s stock worth $6,007,000 after purchasing an additional 219,001 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

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.