Marqeta (NASDAQ:MQ) Issues Quarterly Earnings Results

Marqeta (NASDAQ:MQ) announced its quarterly earnings data on Tuesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01, Briefing.com reports. The firm had revenue of $117.90 million during the quarter, compared to analysts’ expectations of $117.05 million. Marqeta had a negative return on equity of 13.80% and a negative net margin of 32.97%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the business posted ($0.13) earnings per share.

Marqeta Stock Performance

Shares of Marqeta stock traded down $0.14 during trading hours on Wednesday, reaching $5.69. 6,121,276 shares of the company were exchanged, compared to its average volume of 5,065,342. The firm has a market cap of $2.92 billion, a PE ratio of -13.45 and a beta of 1.81. The stock’s fifty day moving average is $5.84 and its 200 day moving average is $6.06. Marqeta has a 1 year low of $4.07 and a 1 year high of $7.36.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MQ shares. Monness Crespi & Hardt increased their price target on shares of Marqeta from $7.50 to $8.00 and gave the stock a “buy” rating in a report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of Marqeta from $7.00 to $8.00 and gave the stock a “market perform” rating in a research report on Friday, March 1st. Wedbush restated a “neutral” rating and set a $6.00 price target on shares of Marqeta in a research report on Wednesday. William Blair reiterated an “outperform” rating on shares of Marqeta in a research note on Wednesday. Finally, Bank of America upgraded Marqeta from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

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.