Marqeta (NASDAQ:MQ) Shares Gap Up After Strong Earnings

Shares of Marqeta, Inc. (NASDAQ:MQ) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $3.51, but opened at $4.01. Marqeta shares last traded at $4.24, with a volume of 4,839,128 shares changing hands.

The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. Marqeta had a net margin of 2.86% and a return on equity of 1.20%. The business had revenue of $135.79 million during the quarter, compared to the consensus estimate of $132.71 million.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Mizuho reduced their price target on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Monness Crespi & Hardt cut shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price target for the company. in a report on Tuesday, November 5th. Morgan Stanley reduced their price target on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Keefe, Bruyette & Woods reduced their price target on shares of Marqeta from $5.00 to $4.00 and set a “market perform” rating for the company in a report on Monday, January 6th. Finally, KeyCorp cut shares of Marqeta from an “overweight” rating to a “sector weight” rating in a report on Tuesday, November 5th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Congress Asset Management Co. boosted its holdings in Marqeta by 46.8% during the third quarter. Congress Asset Management Co. now owns 1,055,681 shares of the company’s stock worth $5,194,000 after purchasing an additional 336,349 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Marqeta by 107.8% during the fourth quarter. Nordea Investment Management AB now owns 851,278 shares of the company’s stock worth $3,265,000 after purchasing an additional 441,617 shares during the last quarter. Cerity Partners LLC purchased a new position in Marqeta during the third quarter worth about $1,466,000. Main Management ETF Advisors LLC bought a new stake in Marqeta in the third quarter worth about $786,000. Finally, GSA Capital Partners LLP raised its position in Marqeta by 671.7% in the third quarter. GSA Capital Partners LLP now owns 234,401 shares of the company’s stock worth $1,153,000 after acquiring an additional 204,026 shares during the period. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Marqeta Stock Down 1.6 %

The firm has a market cap of $2.10 billion, a P/E ratio of 209.00 and a beta of 1.52. The firm’s 50-day simple moving average is $3.78 and its 200 day simple moving average is $4.39.

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.