Marqeta (NASDAQ:MQ) Upgraded by Bank of America to Buy

Bank of America upgraded shares of Marqeta (NASDAQ:MQFree Report) from a neutral rating to a buy rating in a research note published on Monday, Marketbeat Ratings reports. Bank of America currently has $7.00 price target on the stock.

A number of other research analysts have also recently issued reports on the stock. William Blair reaffirmed an outperform rating on shares of Marqeta in a report on Wednesday, November 8th. Truist Financial upped their price target on shares of Marqeta from $8.00 to $9.00 and gave the company a buy rating in a report on Tuesday, November 21st. Wells Fargo & Company lifted their price objective on Marqeta from $6.00 to $7.00 and gave the company an equal weight rating in a research note on Tuesday, February 6th. Mizuho upped their target price on Marqeta from $7.00 to $8.00 and gave the stock a buy rating in a research note on Monday, November 20th. Finally, Barclays lifted their price target on Marqeta from $7.00 to $8.00 and gave the company an overweight rating in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Marqeta has a consensus rating of Moderate Buy and an average price target of $7.05.

Read Our Latest Stock Report on MQ

Marqeta Trading Up 5.7 %

MQ opened at $6.10 on Monday. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of -15.64 and a beta of 1.85. Marqeta has a 12 month low of $3.46 and a 12 month high of $7.24. The stock has a fifty day moving average price of $6.36 and a 200-day moving average price of $6.01.

Insider Buying and Selling

In other Marqeta news, insider Randall F. Kern sold 53,367 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $6.23, for a total value of $332,476.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.88% of the stock is owned by company insiders.

Institutional Trading of Marqeta

Hedge funds have recently bought and sold shares of the business. Raymond James & Associates boosted its stake in Marqeta by 19.6% during the first quarter. Raymond James & Associates now owns 26,799 shares of the company’s stock worth $296,000 after buying an additional 4,389 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Marqeta in the first quarter valued at about $201,000. Citigroup Inc. increased its position in Marqeta by 83.2% during the first quarter. Citigroup Inc. now owns 42,073 shares of the company’s stock worth $464,000 after purchasing an additional 19,112 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in Marqeta during the first quarter worth about $813,000. Finally, Canada Pension Plan Investment Board acquired a new position in Marqeta in the 1st quarter valued at about $800,000. Institutional investors and hedge funds own 58.10% of the company’s stock.

About Marqeta

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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.

Further Reading

Analyst Recommendations for Marqeta (NASDAQ:MQ)

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