Cardinal Point Capital Management ULC Purchases Shares of 31,969 Marqeta, Inc. $MQ

Cardinal Point Capital Management ULC purchased a new stake in Marqeta, Inc. (NASDAQ:MQ) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 31,969 shares of the company’s stock, valued at approximately $186,000.

A number of other institutional investors have also recently made changes to their positions in MQ. Price T Rowe Associates Inc. MD grew its position in shares of Marqeta by 126.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,097,173 shares of the company’s stock valued at $169,322,000 after buying an additional 22,928,070 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Marqeta in the 1st quarter valued at about $6,154,000. Nuveen LLC bought a new stake in shares of Marqeta during the 1st quarter valued at about $5,420,000. T. Rowe Price Investment Management Inc. boosted its position in shares of Marqeta by 3.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 19,860,183 shares of the company’s stock valued at $81,824,000 after purchasing an additional 631,132 shares in the last quarter. Finally, Kettle Hill Capital Management LLC bought a new stake in shares of Marqeta during the 1st quarter valued at about $2,372,000. Institutional investors own 78.64% of the company’s stock.

Insider Buying and Selling

In other news, CRO Todd Pollak sold 116,493 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $6.19, for a total value of $721,091.67. Following the transaction, the executive owned 364,525 shares in the company, valued at $2,256,409.75. This trade represents a 24.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jason M. Gardner sold 2,250,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $6.63, for a total value of $14,917,500.00. Following the completion of the transaction, the director owned 15,399,000 shares in the company, valued at $102,095,370. This represents a 12.75% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,398,120 shares of company stock worth $15,836,577. 12.61% of the stock is owned by company insiders.

Marqeta Stock Performance

MQ stock opened at $4.72 on Friday. The stock’s 50 day simple moving average is $5.54 and its 200 day simple moving average is $5.32. Marqeta, Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $7.04. The company has a market cap of $2.12 billion, a P/E ratio of -36.31 and a beta of 1.51.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MQ. Deutsche Bank Aktiengesellschaft began coverage on Marqeta in a research report on Thursday, July 17th. They set a “hold” rating and a $6.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Marqeta from $6.00 to $8.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. The Goldman Sachs Group set a $5.00 target price on Marqeta and gave the company a “sell” rating in a research report on Monday, October 13th. Zacks Research upgraded Marqeta from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Marqeta in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.77.

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.