Principal Financial Group Inc. Sells 18,610 Shares of Marqeta, Inc. (NASDAQ:MQ)

Principal Financial Group Inc. trimmed its position in Marqeta, Inc. (NASDAQ:MQ) by 30.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,026 shares of the company’s stock after selling 18,610 shares during the period. Principal Financial Group Inc.’s holdings in Marqeta were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MQ. Vanguard Group Inc. increased its stake in Marqeta by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock valued at $282,717,000 after purchasing an additional 1,642,621 shares in the last quarter. Visa Foundation acquired a new position in shares of Marqeta in the 2nd quarter valued at $68,197,000. Dimensional Fund Advisors LP raised its stake in Marqeta by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock worth $40,759,000 after acquiring an additional 389,045 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Marqeta by 65.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock worth $14,362,000 after acquiring an additional 1,038,577 shares during the period. Finally, ZWJ Investment Counsel Inc. grew its stake in Marqeta by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 2,038,246 shares of the company’s stock valued at $10,028,000 after purchasing an additional 49,104 shares during the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MQ. KeyCorp cut Marqeta from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods decreased their price objective on shares of Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, November 5th. JPMorgan Chase & Co. cut their price objective on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. UBS Group decreased their target price on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, William Blair downgraded Marqeta from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 5th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.27.

Marqeta Trading Down 0.7 %

Marqeta stock opened at $4.02 on Tuesday. The stock has a market cap of $2.02 billion, a P/E ratio of 201.00 and a beta of 1.73. The company has a 50-day moving average price of $4.78 and a 200 day moving average price of $5.12. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.36.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.05 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company’s revenue was up 20.8% on a year-over-year basis. As a group, analysts forecast that Marqeta, Inc. will post 0.06 EPS for the current year.

About Marqeta

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.