Marqeta, Inc. (NASDAQ:MQ) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in Marqeta, Inc. (NASDAQ:MQ) by 30.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,026 shares of the company’s stock after selling 18,610 shares during the quarter. Principal Financial Group Inc.’s holdings in Marqeta were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MQ. J.Safra Asset Management Corp increased its stake in Marqeta by 633.2% in the second quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares during the period. Russell Investments Group Ltd. increased its position in Marqeta by 7,852.8% in the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after acquiring an additional 9,973 shares during the period. Magnetar Financial LLC purchased a new stake in Marqeta during the 2nd quarter valued at approximately $61,000. CreativeOne Wealth LLC acquired a new stake in Marqeta during the 1st quarter worth approximately $72,000. Finally, XTX Topco Ltd acquired a new stake in Marqeta during the 2nd quarter worth approximately $72,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Marqeta Price Performance

Shares of MQ opened at $4.02 on Tuesday. Marqeta, Inc. has a 12 month low of $3.37 and a 12 month high of $7.36. The stock has a market cap of $2.02 billion, a PE ratio of 201.00 and a beta of 1.73. The stock’s 50-day moving average is $4.78 and its two-hundred day moving average is $5.12.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MQ shares. The Goldman Sachs Group cut their price target on Marqeta from $5.50 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. UBS Group cut their price objective on shares of Marqeta from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company lowered shares of Marqeta from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $7.00 to $5.00 in a research note on Tuesday, November 5th. Monness Crespi & Hardt downgraded Marqeta from a “buy” rating to a “neutral” rating and set a $7.50 target price for the company. in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Marqeta from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.27.

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.