Marqeta, Inc. (NASDAQ:MQ) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its holdings in shares of Marqeta, Inc. (NASDAQ:MQ) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 502,824 shares of the company’s stock after selling 5,991 shares during the period. Fred Alger Management LLC’s holdings in Marqeta were worth $2,474,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Visa Foundation purchased a new stake in shares of Marqeta in the second quarter valued at approximately $68,197,000. Westfield Capital Management Co. LP boosted its stake in Marqeta by 4.0% during the third quarter. Westfield Capital Management Co. LP now owns 8,333,453 shares of the company’s stock worth $41,001,000 after buying an additional 319,661 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Marqeta by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock worth $40,759,000 after buying an additional 389,045 shares during the last quarter. Alkeon Capital Management LLC grew its holdings in Marqeta by 31.3% in the 3rd quarter. Alkeon Capital Management LLC now owns 7,420,663 shares of the company’s stock valued at $36,510,000 after buying an additional 1,767,845 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of 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. Institutional investors and hedge funds own 78.64% of the company’s stock.

Marqeta Stock Performance

Marqeta stock opened at $3.88 on Monday. The firm has a market capitalization of $1.95 billion, a P/E ratio of 194.00 and a beta of 1.73. Marqeta, Inc. has a twelve month low of $3.37 and a twelve month high of $7.36. The stock’s fifty day simple moving average is $4.68 and its 200-day simple moving average is $5.08.

Marqeta (NASDAQ:MQ) last issued its quarterly earnings results 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). Marqeta had a return on equity of 1.20% and a net margin of 2.86%. The company had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $128.05 million. During the same quarter last year, the company earned ($0.07) EPS. Marqeta’s revenue for the quarter was up 20.8% compared to the same quarter last year. Sell-side analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MQ shares. Monness Crespi & Hardt cut shares of Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 price objective for the company. in a research report 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 report on Tuesday, November 5th. William Blair cut Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. UBS Group reduced their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Marqeta from a “buy” rating to a “hold” rating and reduced their price objective for the company from $9.00 to $4.00 in a report on Tuesday, November 5th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Marqeta currently has a consensus rating of “Hold” and an average target price of $6.27.

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.