Primecap Management Co. CA Increases Stock Position in Marqeta, Inc. (NASDAQ:MQ)

Primecap Management Co. CA increased its holdings in shares of Marqeta, Inc. (NASDAQ:MQ) by 7.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 484,673 shares of the company’s stock after purchasing an additional 32,973 shares during the period. Primecap Management Co. CA owned 0.09% of Marqeta worth $2,656,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Visa Foundation bought a new position in Marqeta in the second quarter worth about $68,197,000. Vanguard Group Inc. raised its stake in shares of Marqeta by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after acquiring an additional 1,642,621 shares in the last quarter. Norges Bank purchased a new stake in Marqeta during the fourth quarter valued at approximately $27,739,000. Dimensional Fund Advisors LP boosted its stake in Marqeta by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,305,306 shares of the company’s stock valued at $44,015,000 after acquiring an additional 900,675 shares in the last quarter. Finally, One Fin Capital Management LP grew its holdings in Marqeta by 10.0% in the fourth quarter. One Fin Capital Management LP now owns 2,200,000 shares of the company’s stock worth $15,356,000 after purchasing an additional 200,000 shares during the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on MQ shares. JPMorgan Chase & Co. lowered their price objective on Marqeta from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group reissued a “neutral” rating and issued a $5.50 price target on shares of Marqeta in a report on Monday, June 24th. Susquehanna restated a “positive” rating and set a $9.00 price objective on shares of Marqeta in a report on Tuesday, August 6th. Wells Fargo & Company upgraded shares of Marqeta from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Tuesday, June 25th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research report on Monday, July 8th. Five equities 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.11.

Insider Activity

In other Marqeta news, Director Martha Cummings sold 40,241 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $5.47, for a total value of $220,118.27. Following the completion of the transaction, the director now owns 19,000 shares in the company, valued at $103,930. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 12.12% of the company’s stock.

Marqeta Stock Performance

Shares of MQ opened at $5.04 on Thursday. The business’s 50-day moving average is $5.22 and its two-hundred day moving average is $5.47. The company has a market capitalization of $2.61 billion, a P/E ratio of -14.00 and a beta of 1.78. Marqeta, Inc. has a fifty-two week low of $4.40 and a fifty-two week high of $7.36.

Marqeta (NASDAQ:MQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. Marqeta had a positive return on equity of 0.51% and a negative net margin of 2.62%. The company had revenue of $125.30 million during the quarter, compared to analysts’ expectations of $121.87 million. During the same period last year, the business earned ($0.07) earnings per share. Marqeta’s quarterly revenue was down 45.8% on a year-over-year basis. Analysts forecast that Marqeta, Inc. will post 0.06 EPS for the current year.

Marqeta 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.