Summit Trail Advisors LLC Trims Stock Position in Marqeta, Inc. (NASDAQ:MQ)

Summit Trail Advisors LLC trimmed its position in Marqeta, Inc. (NASDAQ:MQ) by 8.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,134 shares of the company’s stock after selling 23,575 shares during the quarter. Summit Trail Advisors LLC’s holdings in Marqeta were worth $1,343,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Covestor Ltd grew its stake in Marqeta by 17,340.0% during 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 in the last quarter. J.Safra Asset Management Corp increased its position in shares of Marqeta by 633.2% during 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 during the period. Russell Investments Group Ltd. increased its position 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 valued at $60,000 after purchasing an additional 9,973 shares during the period. Empowered Funds LLC acquired a new position in shares of Marqeta in the 1st quarter worth $65,000. Finally, CreativeOne Wealth LLC acquired a new position in shares of Marqeta in the 1st quarter worth $72,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Marqeta Price Performance

MQ stock opened at $5.15 on Friday. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -14.31 and a beta of 1.78. The business’s fifty day moving average price is $5.22 and its two-hundred day moving average price is $5.46. Marqeta, Inc. has a fifty-two week low of $4.40 and a fifty-two week high of $7.36.

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

Insiders Place Their Bets

In other Marqeta news, Director Martha Cummings sold 40,241 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total transaction of $220,118.27. Following the sale, the director now directly owns 19,000 shares of the company’s stock, valued at approximately $103,930. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.12% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on MQ shares. JPMorgan Chase & Co. reduced 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. UBS Group cut their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Susquehanna reiterated a “positive” rating and set a $9.00 price objective on shares of Marqeta in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods cut their target price on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Monday, July 8th. Finally, Wells Fargo & Company raised 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 investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.11.

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.