Mizuho Cuts Marqeta (NASDAQ:MQ) Price Target to $5.00

Marqeta (NASDAQ:MQ) had its price target lowered by Mizuho from $7.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

MQ has been the subject of several other research reports. Morgan Stanley decreased their price target on Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods decreased their target price on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday. Wells Fargo & Company cut Marqeta from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $7.00 to $5.00 in a research note on Tuesday. UBS Group decreased 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. Finally, Susquehanna decreased their target price on Marqeta from $9.00 to $7.00 and set a “positive” rating for the company in a research note on Tuesday. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.27.

Marqeta Stock Performance

MQ opened at $3.83 on Tuesday. Marqeta has a 52-week low of $3.37 and a 52-week high of $7.36. The firm has a market cap of $1.95 billion, a P/E ratio of 191.50 and a beta of 1.73. The business’s fifty day moving average is $5.08 and its 200-day moving average is $5.28.

Marqeta (NASDAQ:MQ) last announced 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). The business had revenue of $127.90 million for the quarter, compared to the consensus estimate of $128.05 million. Marqeta had a return on equity of 1.17% and a net margin of 2.86%. Marqeta’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) earnings per share. On average, research analysts predict that Marqeta will post 0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Marqeta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MQ. Visa Foundation bought a new stake in shares of Marqeta in the second quarter valued at approximately $68,197,000. Capital International Investors raised its position in shares of Marqeta by 203.1% in the first quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock valued at $40,998,000 after purchasing an additional 4,609,526 shares during the period. Vanguard Group Inc. raised its position in shares of Marqeta by 3.6% in the first 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 during the period. Westfield Capital Management Co. LP raised its position in shares of Marqeta by 27.6% in the first quarter. Westfield Capital Management Co. LP now owns 7,418,851 shares of the company’s stock valued at $44,216,000 after purchasing an additional 1,604,223 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Marqeta by 65.6% in the second quarter. Bank of New York Mellon Corp now owns 2,620,882 shares of the company’s stock valued at $14,362,000 after purchasing an additional 1,038,577 shares during the period. 78.64% of the stock is currently owned by institutional investors.

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.