JPMorgan Chase & Co. Has Lowered Expectations for Marqeta (NASDAQ:MQ) Stock Price

Marqeta (NASDAQ:MQ) had its target price dropped by research analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 38.50% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut shares of Marqeta from a “buy” rating to a “hold” rating and dropped their price objective for the company from $9.00 to $4.00 in a research note on Tuesday. Keefe, Bruyette & Woods lowered their price target on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research report on Monday, July 8th. Wells Fargo & Company downgraded shares of Marqeta from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $7.00 to $5.00 in a research note on Tuesday. Morgan Stanley dropped their price objective on shares of Marqeta from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, KeyCorp lowered Marqeta from an “overweight” rating to a “sector weight” rating in a research report on Tuesday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.53.

Marqeta Stock Performance

Marqeta stock traded down $2.34 during midday trading on Tuesday, hitting $3.61. 30,767,611 shares of the company were exchanged, compared to its average volume of 4,657,397. The firm has a market capitalization of $1.84 billion, a PE ratio of -180.41 and a beta of 1.73. The business has a fifty day simple moving average of $5.14 and a two-hundred day simple moving average of $5.30. Marqeta has a fifty-two week low of $3.55 and a fifty-two week high of $7.36.

Marqeta (NASDAQ:MQ) last released its quarterly earnings results 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). The business had revenue of $127.90 million during the quarter, compared to analyst estimates of $128.05 million. Marqeta had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS. As a group, equities analysts expect that Marqeta will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Marqeta

A number of hedge funds have recently added to or reduced their stakes in MQ. Visa Foundation bought a new position in shares of Marqeta in the second quarter worth $68,197,000. Capital International Investors increased its stake in shares of Marqeta by 203.1% during the first quarter. Capital International Investors now owns 6,878,815 shares of the company’s stock valued at $40,998,000 after acquiring an additional 4,609,526 shares during the period. Vanguard Group Inc. raised its stake in shares of Marqeta by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 47,435,778 shares of the company’s stock worth $282,717,000 after buying an additional 1,642,621 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings 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 in the last quarter. Finally, Bank of New York Mellon Corp boosted 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. 78.64% of the stock is currently owned by institutional investors.

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.