Marqeta, Inc. (NASDAQ:MQ – Get Free Report) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 19,580,000 shares, a decline of 20.3% from the October 15th total of 24,570,000 shares. Based on an average daily trading volume, of 5,310,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 5.2% of the shares of the company are short sold.
Institutional Trading of Marqeta
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Marqeta by 5.8% in the 3rd quarter. Vanguard Group Inc. now owns 42,892,435 shares of the company’s stock valued at $305,393,000 after acquiring an additional 2,361,729 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Marqeta by 349.7% in the 1st quarter. Capital Research Global Investors now owns 37,142,171 shares of the company’s stock valued at $410,050,000 after purchasing an additional 28,882,196 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Marqeta by 2.4% in the 3rd quarter. BlackRock Inc. now owns 30,903,031 shares of the company’s stock worth $220,029,000 after purchasing an additional 735,035 shares during the period. FMR LLC increased its position 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 purchasing an additional 6,058,777 shares during the last quarter. Finally, Visa Inc. purchased a new stake in Marqeta during the 1st quarter valued at $137,389,000. Institutional investors own 58.10% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on MQ. William Blair reiterated an “outperform” rating on shares of Marqeta in a research note on Wednesday, November 8th. Barclays increased their price target on shares of Marqeta from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, August 14th. Wells Fargo & Company initiated coverage on shares of Marqeta in a research report on Tuesday, October 31st. They set an “equal weight” rating and a $6.00 price objective for the company. UBS Group reaffirmed a “buy” rating and issued a $7.50 target price on shares of Marqeta in a report on Friday, October 20th. Finally, Berenberg Bank raised Marqeta from a “hold” rating to a “buy” rating and boosted their price target for the company from $5.00 to $8.00 in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.55.
Marqeta Stock Performance
MQ stock opened at $6.28 on Wednesday. The company’s fifty day moving average price is $5.81 and its 200-day moving average price is $5.33. Marqeta has a one year low of $3.46 and a one year high of $7.72. The company has a market capitalization of $3.33 billion, a PE ratio of -16.10 and a beta of 1.72.
Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, financial technology, embedded finance solutions, and large financial institution.
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