Marqeta (NASDAQ:MQ) Price Target Raised to $8.00 at Monness Crespi & Hardt

Marqeta (NASDAQ:MQ) had its target price boosted by Monness Crespi & Hardt from $7.50 to $8.00 in a report released on Wednesday morning, MarketBeat.com reports. Monness Crespi & Hardt currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Barclays raised their price objective on Marqeta from $7.00 to $8.00 and gave the company an overweight rating in a research note on Tuesday, January 16th. Keefe, Bruyette & Woods raised their price objective on Marqeta from $7.00 to $8.00 and gave the company a market perform rating in a research note on Friday, March 1st. Wells Fargo & Company raised 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. Truist Financial reaffirmed a buy rating and issued a $10.00 price objective (up from $9.00) on shares of Marqeta in a research note on Thursday, February 29th. Finally, Bank of America raised Marqeta from a neutral rating to a buy rating and set a $7.00 price objective on the stock in a research note on Monday, February 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $7.50.

Marqeta Price Performance

MQ stock opened at $5.84 on Wednesday. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of -13.90 and a beta of 1.81. The business’s fifty day moving average price is $5.81 and its two-hundred day moving average price is $6.06. Marqeta has a fifty-two week low of $4.07 and a fifty-two week high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Marqeta had a negative return on equity of 13.80% and a negative net margin of 32.97%. The company had revenue of $117.90 million for the quarter, compared to analysts’ expectations of $117.05 million. During the same quarter last year, the business earned ($0.13) earnings per share. Marqeta’s revenue was down 45.8% on a year-over-year basis. Research analysts expect that Marqeta will post -0.35 EPS for the current year.

Institutional Investors Weigh In On Marqeta

A number of hedge funds have recently added to or reduced their stakes in MQ. Bank of New York Mellon Corp increased its holdings in shares of Marqeta by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 1,735,953 shares of the company’s stock valued at $10,381,000 after acquiring an additional 19,532 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Marqeta by 23.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,551 shares of the company’s stock valued at $500,000 after acquiring an additional 15,865 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marqeta by 13.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 208,127 shares of the company’s stock valued at $1,245,000 after acquiring an additional 25,000 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Marqeta by 31.8% during the third quarter. Principal Financial Group Inc. now owns 69,650 shares of the company’s stock valued at $417,000 after acquiring an additional 16,814 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Marqeta by 1.8% during the third quarter. Arizona State Retirement System now owns 110,657 shares of the company’s stock valued at $662,000 after acquiring an additional 1,957 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors.

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.