North Reef Capital Management LP Sells 1,850,000 Shares of Marqeta, Inc. $MQ

North Reef Capital Management LP lessened its holdings in Marqeta, Inc. (NASDAQ:MQ) by 28.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,650,000 shares of the company’s stock after selling 1,850,000 shares during the period. Marqeta comprises approximately 1.1% of North Reef Capital Management LP’s holdings, making the stock its 20th biggest position. North Reef Capital Management LP owned approximately 1.06% of Marqeta worth $24,552,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its position in shares of Marqeta by 193.0% during the 3rd quarter. Nordea Investment Management AB now owns 2,360,309 shares of the company’s stock valued at $12,510,000 after acquiring an additional 1,554,741 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Marqeta by 272.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 520,956 shares of the company’s stock worth $3,037,000 after purchasing an additional 381,016 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Marqeta by 2,582.3% in the 3rd quarter. Principal Financial Group Inc. now owns 719,166 shares of the company’s stock worth $3,797,000 after purchasing an additional 692,354 shares during the period. Norges Bank purchased a new position in Marqeta during the second quarter valued at $4,057,000. Finally, Citizens Financial Group Inc. RI purchased a new position in Marqeta during the second quarter valued at $460,000. 78.64% of the stock is currently owned by institutional investors.

Marqeta Stock Performance

MQ opened at $3.97 on Tuesday. Marqeta, Inc. has a twelve month low of $3.47 and a twelve month high of $7.04. The firm has a market capitalization of $1.70 billion, a PE ratio of -132.33 and a beta of 1.48. The firm’s 50-day moving average price is $4.22 and its 200 day moving average price is $4.76.

Marqeta (NASDAQ:MQ) last released its earnings results on Tuesday, February 24th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.01. The business had revenue of $172.11 million for the quarter, compared to analyst estimates of $167.05 million. Marqeta had a negative net margin of 2.23% and a negative return on equity of 1.62%. The business’s revenue was up 26.7% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. As a group, analysts predict that Marqeta, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Transactions at Marqeta

In other news, Director Judson C. Linville purchased 25,570 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was acquired at an average price of $3.93 per share, with a total value of $100,490.10. Following the purchase, the director directly owned 104,220 shares in the company, valued at approximately $409,584.60. This represents a 32.51% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jason M. Gardner sold 113,366 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $5.00, for a total value of $566,830.00. Following the completion of the transaction, the director owned 303,467 shares in the company, valued at $1,517,335. This represents a 27.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 218,509 shares of company stock worth $1,092,545 over the last ninety days. 12.61% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MQ has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price target on Marqeta from $6.00 to $5.50 and set a “market perform” rating for the company in a research report on Friday, January 2nd. Zacks Research cut Marqeta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 20th. Morgan Stanley reduced their target price on shares of Marqeta from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Mizuho restated a “neutral” rating and set a $4.50 target price (down from $8.00) on shares of Marqeta in a research note on Thursday, January 8th. Finally, UBS Group lowered their price target on shares of Marqeta from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $5.14.

Marqeta Profile

Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.

Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.