Primecap Management Co. CA Has $1.70 Million Position in Marqeta, Inc. (NASDAQ:MQ)

Primecap Management Co. CA cut its holdings in Marqeta, Inc. (NASDAQ:MQ) by 8.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 448,600 shares of the company’s stock after selling 39,700 shares during the quarter. Primecap Management Co. CA’s holdings in Marqeta were worth $1,700,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in MQ. Atria Investments Inc grew its stake in shares of Marqeta by 32.7% during the third quarter. Atria Investments Inc now owns 37,485 shares of the company’s stock valued at $184,000 after purchasing an additional 9,235 shares during the last quarter. Intech Investment Management LLC bought a new position in Marqeta in the 3rd quarter valued at $431,000. Cerity Partners LLC bought a new position in Marqeta in the 3rd quarter valued at $1,466,000. Westfield Capital Management Co. LP increased its stake in shares of Marqeta by 4.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 8,333,453 shares of the company’s stock valued at $41,001,000 after buying an additional 319,661 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Marqeta during the third quarter worth $385,000. 78.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MQ. Barclays reiterated an “equal weight” rating and issued a $4.00 price target (down previously from $5.00) on shares of Marqeta in a report on Tuesday, December 17th. The Goldman Sachs Group lifted their price target on shares of Marqeta from $4.00 to $4.50 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. Keefe, Bruyette & Woods cut their price objective on shares of Marqeta from $5.00 to $4.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. Finally, Wells Fargo & Company reduced their price objective on shares of Marqeta from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.33.

Marqeta Trading Up 1.3 %

MQ stock opened at $4.57 on Thursday. Marqeta, Inc. has a 1-year low of $3.37 and a 1-year high of $6.44. The business’s 50-day moving average price is $3.87 and its two-hundred day moving average price is $4.27. The firm has a market cap of $2.30 billion, a PE ratio of 228.50 and a beta of 1.49.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.05. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The business had revenue of $135.79 million during the quarter, compared to analyst estimates of $132.71 million. On average, analysts forecast that Marqeta, Inc. will post 0.06 earnings per share for the current 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.