Rhumbline Advisers Trims Stock Position in Marqeta, Inc. (NASDAQ:MQ)

Rhumbline Advisers cut its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 9.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 689,451 shares of the company’s stock after selling 71,108 shares during the period. Rhumbline Advisers owned approximately 0.13% of Marqeta worth $3,778,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MQ. Covestor Ltd raised its position in Marqeta by 17,340.0% in the 1st quarter. Covestor Ltd now owns 4,360 shares of the company’s stock valued at $26,000 after purchasing an additional 4,335 shares during the last quarter. J.Safra Asset Management Corp lifted its holdings in Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Marqeta by 7,852.8% during the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after acquiring an additional 9,973 shares during the period. Empowered Funds LLC purchased a new position in shares of Marqeta during the 1st quarter worth about $65,000. Finally, CreativeOne Wealth LLC purchased a new position in shares of Marqeta during the 1st quarter worth about $72,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Insider Buying and Selling at Marqeta

In other news, Director Martha Cummings sold 40,241 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total transaction of $220,118.27. Following the completion of the sale, the director now owns 19,000 shares of the company’s stock, valued at $103,930. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 12.12% of the company’s stock.

Marqeta Trading Down 1.6 %

Shares of MQ stock opened at $5.02 on Tuesday. The firm has a market capitalization of $2.60 billion, a PE ratio of -13.94 and a beta of 1.78. The firm has a fifty day simple moving average of $5.24 and a two-hundred day simple moving average of $5.48. Marqeta, Inc. has a 12 month low of $4.40 and a 12 month high of $7.36.

Marqeta (NASDAQ:MQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04. Marqeta had a negative net margin of 2.62% and a positive return on equity of 0.51%. The business had revenue of $125.30 million for the quarter, compared to the consensus estimate of $121.87 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The company’s revenue was down 45.8% compared to the same quarter last year. On average, equities analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MQ. UBS Group decreased their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. The Goldman Sachs Group reissued a “neutral” rating and issued a $5.50 price target on shares of Marqeta in a research note on Monday, June 24th. Keefe, Bruyette & Woods lowered their target price on Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Susquehanna reiterated a “positive” rating and set a $9.00 price target on shares of Marqeta in a report on Tuesday, August 6th. Finally, Wells Fargo & Company upgraded Marqeta from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a report on Tuesday, June 25th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Marqeta currently has an average rating of “Moderate Buy” and an average target price of $7.11.

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.