Marqeta (NASDAQ:MQ) Upgraded to Hold at Citigroup

Citigroup upgraded shares of Marqeta (NASDAQ:MQ) to a hold rating in a report published on Thursday morning,Zacks.com reports.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods reduced their price objective on Marqeta from $6.50 to $6.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Marqeta in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on Marqeta from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. UBS Group lifted their price objective on Marqeta from $5.00 to $5.75 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Marqeta in a research report on Thursday, July 17th. They set a “hold” rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Marqeta has an average rating of “Hold” and a consensus target price of $5.77.

Marqeta Price Performance

MQ opened at $4.75 on Thursday. The stock has a market cap of $2.13 billion, a P/E ratio of -36.54 and a beta of 1.51. The stock’s 50 day simple moving average is $5.56 and its 200 day simple moving average is $5.31. Marqeta has a 1-year low of $3.37 and a 1-year high of $7.04.

Insiders Place Their Bets

In related news, Director Jason M. Gardner sold 2,250,000 shares of Marqeta stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $6.63, for a total value of $14,917,500.00. Following the transaction, the director owned 15,399,000 shares in the company, valued at approximately $102,095,370. This trade represents a 12.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Todd Pollak sold 116,493 shares of Marqeta stock in a transaction on Friday, August 15th. The shares were sold at an average price of $6.19, for a total value of $721,091.67. Following the completion of the transaction, the executive owned 364,525 shares in the company, valued at $2,256,409.75. The trade was a 24.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,398,120 shares of company stock worth $15,836,577 in the last quarter. 12.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its holdings in Marqeta by 61.8% in the second quarter. Nisa Investment Advisors LLC now owns 9,787 shares of the company’s stock valued at $57,000 after acquiring an additional 3,737 shares during the last quarter. Alpine Global Management LLC purchased a new position in Marqeta in the first quarter valued at about $42,000. Abel Hall LLC purchased a new position in Marqeta in the second quarter valued at about $61,000. Daiwa Securities Group Inc. purchased a new position in Marqeta in the second quarter valued at about $66,000. Finally, Blueshift Asset Management LLC raised its position in Marqeta by 23.2% in the first quarter. Blueshift Asset Management LLC now owns 12,400 shares of the company’s stock valued at $51,000 after purchasing an additional 2,333 shares during the period. Institutional investors and hedge funds 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.