Algert Global LLC Sells 144,760 Shares of Marqeta, Inc. (NASDAQ:MQ)

Algert Global LLC lessened its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 51.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,896 shares of the company’s stock after selling 144,760 shares during the period. Algert Global LLC’s holdings in Marqeta were worth $659,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MQ. J.Safra Asset Management Corp lifted its holdings 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 worth $34,000 after acquiring an additional 5,300 shares during the period. Russell Investments Group Ltd. lifted its stake in Marqeta by 7,852.8% during the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock worth $60,000 after purchasing an additional 9,973 shares during the last quarter. Magnetar Financial LLC acquired a new stake in shares of Marqeta in the 2nd quarter valued at $61,000. XTX Topco Ltd bought a new position in shares of Marqeta in the 2nd quarter valued at $72,000. Finally, Castleview Partners LLC acquired a new position in shares of Marqeta during the 3rd quarter worth $77,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MQ. Susquehanna reduced their price objective on Marqeta from $9.00 to $7.00 and set a “positive” rating on the stock in a research note on Tuesday, November 5th. Mizuho reduced their price target on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Monness Crespi & Hardt downgraded shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price objective for the company. 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 on the stock in a research note on Friday, August 9th. Finally, Keefe, Bruyette & Woods dropped their price target on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, November 5th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Marqeta presently has a consensus rating of “Hold” and an average price target of $6.27.

Marqeta Price Performance

Marqeta stock opened at $3.88 on Friday. The company has a market capitalization of $1.95 billion, a PE ratio of 194.00 and a beta of 1.73. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.36. The firm’s fifty day moving average is $4.71 and its 200 day moving average is $5.10.

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