Congress Asset Management Co. Trims Stake in Marqeta, Inc. (NASDAQ:MQ)

Congress Asset Management Co. reduced its stake in Marqeta, Inc. (NASDAQ:MQ) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,131,130 shares of the company’s stock after selling 4,712 shares during the period. Congress Asset Management Co.’s holdings in Marqeta were worth $4,660,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MQ. Barclays PLC lifted its position in Marqeta by 226.4% during the third quarter. Barclays PLC now owns 861,414 shares of the company’s stock valued at $4,238,000 after buying an additional 597,539 shares during the period. Tallon Kerry Patrick bought a new position in shares of Marqeta during the fourth quarter valued at approximately $98,000. KBC Group NV lifted its holdings in shares of Marqeta by 68.8% during the fourth quarter. KBC Group NV now owns 22,546 shares of the company’s stock valued at $85,000 after purchasing an additional 9,186 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Marqeta by 324.6% in the 4th quarter. Empowered Funds LLC now owns 55,793 shares of the company’s stock worth $211,000 after purchasing an additional 42,653 shares in the last quarter. Finally, Certuity LLC bought a new stake in shares of Marqeta in the 4th quarter worth approximately $44,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MQ shares. UBS Group raised their price objective on Marqeta from $4.75 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. The Goldman Sachs Group cut their price target on shares of Marqeta from $4.50 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their price objective on Marqeta from $4.00 to $4.50 and gave the company a “market perform” rating in a research report on Thursday, May 8th. Barclays increased their target price on Marqeta from $4.00 to $5.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Finally, JPMorgan Chase & Co. raised Marqeta from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $6.00 in a research report on Monday, May 19th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Marqeta currently has a consensus rating of “Hold” and a consensus price target of $5.18.

Marqeta Price Performance

Shares of NASDAQ MQ opened at $5.47 on Monday. The stock has a market cap of $2.56 billion, a PE ratio of 273.50 and a beta of 1.53. Marqeta, Inc. has a 1 year low of $3.37 and a 1 year high of $6.00. The firm has a fifty day moving average price of $4.45 and a 200-day moving average price of $4.10.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The firm had revenue of $139.07 million during the quarter, compared to analyst estimates of $135.66 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, research analysts expect that Marqeta, Inc. will post 0.06 EPS for the current year.

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.