Alkeon Capital Management LLC Purchases 1,767,845 Shares of Marqeta, Inc. (NASDAQ:MQ)

Alkeon Capital Management LLC lifted its position in Marqeta, Inc. (NASDAQ:MQ) by 31.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,420,663 shares of the company’s stock after buying an additional 1,767,845 shares during the period. Alkeon Capital Management LLC’s holdings in Marqeta were worth $36,510,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. J.Safra Asset Management Corp boosted its position in Marqeta by 633.2% during the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after acquiring an additional 5,300 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Marqeta during the 3rd quarter worth $59,000. Russell Investments Group Ltd. boosted its position in Marqeta by 7,852.8% during the first quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after purchasing an additional 9,973 shares in the last quarter. Magnetar Financial LLC purchased a new position in Marqeta in the second quarter valued at about $61,000. Finally, XTX Topco Ltd bought a new position in Marqeta in the second quarter worth about $72,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Mizuho lowered their price target on shares of Marqeta from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company lowered shares of Marqeta from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $7.00 to $5.00 in a report on Tuesday, November 5th. William Blair lowered Marqeta from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft downgraded Marqeta from a “buy” rating to a “hold” rating and dropped their target price for the stock from $9.00 to $4.00 in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group decreased 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. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.27.

Marqeta Trading Up 1.3 %

MQ opened at $3.88 on Friday. Marqeta, Inc. has a 12-month low of $3.37 and a 12-month high of $7.36. The firm has a 50 day moving average of $4.73 and a two-hundred day moving average of $5.10. The firm has a market capitalization of $1.95 billion, a PE ratio of 194.00 and a beta of 1.73.

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

Marqeta 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.