Abel Hall LLC Acquires New Position in Marqeta, Inc. $MQ

Abel Hall LLC acquired a new stake in Marqeta, Inc. (NASDAQ:MQ) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,428 shares of the company’s stock, valued at approximately $61,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MQ. Price T Rowe Associates Inc. MD lifted its position in Marqeta by 126.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,097,173 shares of the company’s stock worth $169,322,000 after buying an additional 22,928,070 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Marqeta by 3.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 19,860,183 shares of the company’s stock valued at $81,824,000 after buying an additional 631,132 shares during the last quarter. Invesco Ltd. boosted its holdings in Marqeta by 7.6% in the 1st quarter. Invesco Ltd. now owns 5,797,217 shares of the company’s stock valued at $23,885,000 after purchasing an additional 411,571 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Marqeta by 11.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,478,666 shares of the company’s stock valued at $14,332,000 after purchasing an additional 351,794 shares during the period. Finally, Arnhold LLC boosted its holdings in Marqeta by 17.4% in the 1st quarter. Arnhold LLC now owns 2,153,014 shares of the company’s stock valued at $8,870,000 after purchasing an additional 319,102 shares during the period. 78.64% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Jason M. Gardner sold 31,627 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $6.26, for a total transaction of $197,985.02. Following the sale, the director directly owned 15,367,373 shares in the company, valued at $96,199,754.98. This represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Todd Pollak sold 116,493 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $6.19, for a total transaction of $721,091.67. Following the completion of the transaction, the executive owned 364,525 shares in the company, valued at approximately $2,256,409.75. This trade represents a 24.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,398,120 shares of company stock worth $15,836,577. Insiders own 12.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MQ. JPMorgan Chase & Co. lifted their price target on shares of Marqeta from $6.00 to $8.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. The Goldman Sachs Group boosted their price objective on shares of Marqeta from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, August 7th. UBS Group boosted their price objective on shares of Marqeta from $5.00 to $5.75 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Marqeta in a report on Thursday, July 17th. They set a “hold” rating and a $6.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Marqeta in a report on Wednesday. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.07.

Marqeta Trading Down 0.6%

NASDAQ MQ opened at $5.06 on Friday. The company has a market cap of $2.27 billion, a P/E ratio of -38.92 and a beta of 1.51. The company has a fifty day simple moving average of $5.85 and a 200 day simple moving average of $5.27. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.04.

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.