Marqeta (NASDAQ:MQ) Upgraded by JPMorgan Chase & Co. to Overweight Rating

Marqeta (NASDAQ:MQ) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a $6.00 price objective on the stock, up from their prior price objective of $5.00. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 19.05% from the stock’s current price.

A number of other research firms have also recently weighed in on MQ. Barclays upped their price target on Marqeta from $4.00 to $5.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Keefe, Bruyette & Woods upped their price target on Marqeta from $4.00 to $4.50 and gave the stock a “market perform” rating in a report on Thursday, May 8th. The Goldman Sachs Group reduced their target price on Marqeta from $4.50 to $4.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Finally, UBS Group increased their target price on Marqeta from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.18.

Marqeta Stock Up 0.8%

NASDAQ MQ opened at $5.04 on Monday. The stock has a market cap of $2.54 billion, a PE ratio of 252.00 and a beta of 1.41. Marqeta has a fifty-two week low of $3.37 and a fifty-two week high of $6.00. The business has a 50 day moving average price of $4.15 and a two-hundred day moving average price of $3.98.

Marqeta (NASDAQ:MQ) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $139.07 million during the quarter, compared to analysts’ expectations of $135.66 million. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. Marqeta’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. Sell-side analysts anticipate that Marqeta will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Marqeta

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Marqeta by 3.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 279,103 shares of the company’s stock valued at $1,150,000 after acquiring an additional 9,319 shares in the last quarter. Interval Partners LP raised its position in shares of Marqeta by 37.9% during the 1st quarter. Interval Partners LP now owns 613,699 shares of the company’s stock valued at $2,528,000 after acquiring an additional 168,717 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Marqeta during the 1st quarter valued at approximately $6,154,000. Kettle Hill Capital Management LLC acquired a new stake in shares of Marqeta during the 1st quarter valued at approximately $2,372,000. Finally, AQR Capital Management LLC acquired a new stake in shares of Marqeta during the 1st quarter valued at approximately $57,000. 78.64% of the stock is owned by institutional investors and hedge funds.

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.