Fred Alger Management LLC Cuts Holdings in Marqeta, Inc. (NASDAQ:MQ)

Fred Alger Management LLC lowered its stake in shares of Marqeta, Inc. (NASDAQ:MQ) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 502,824 shares of the company’s stock after selling 5,991 shares during the period. Fred Alger Management LLC owned 0.10% of Marqeta worth $2,474,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Visa Foundation purchased a new stake in shares of Marqeta during the 2nd quarter worth $68,197,000. Westfield Capital Management Co. LP lifted its position in shares of Marqeta by 4.0% during the third 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Marqeta by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,438,277 shares of the company’s stock valued at $40,759,000 after buying an additional 389,045 shares in the last quarter. Alkeon Capital Management LLC grew its position in shares of Marqeta by 31.3% in the 3rd quarter. Alkeon Capital Management LLC now owns 7,420,663 shares of the company’s stock worth $36,510,000 after buying an additional 1,767,845 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake 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 in the last quarter. Institutional investors own 78.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MQ. KeyCorp lowered shares of Marqeta from an “overweight” rating to a “sector weight” rating in a report on Tuesday, November 5th. UBS Group dropped their target price on Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Keefe, Bruyette & Woods decreased their price target on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, November 5th. Mizuho lowered their price target on Marqeta from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, The Goldman Sachs Group cut their price target on shares of Marqeta from $5.50 to $4.50 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.27.

Marqeta Price Performance

Shares of MQ stock opened at $3.88 on Monday. Marqeta, Inc. has a 1-year low of $3.37 and a 1-year high of $7.36. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 194.00 and a beta of 1.73. The stock has a 50 day simple moving average of $4.68 and a 200-day simple moving average of $5.08.

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