Investors Buy Large Volume of Marqeta Put Options (NASDAQ:MQ)

Marqeta, Inc. (NASDAQ:MQ) saw unusually large options trading activity on Tuesday. Stock investors bought 6,003 put options on the stock. This represents an increase of 692% compared to the typical daily volume of 758 put options.

Marqeta Stock Performance

NASDAQ:MQ traded down $0.04 during trading hours on Tuesday, hitting $4.88. 327,070 shares of the company’s stock traded hands, compared to its average volume of 4,803,561. The stock’s fifty day moving average price is $5.29 and its two-hundred day moving average price is $5.55. The firm has a market cap of $2.48 billion, a P/E ratio of -13.67 and a beta of 1.78. Marqeta has a twelve month low of $4.40 and a twelve month high of $7.36.

Marqeta (NASDAQ:MQ) last issued its earnings results on Wednesday, August 7th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. Marqeta had a positive return on equity of 0.51% and a negative net margin of 2.62%. The firm had revenue of $125.30 million for the quarter, compared to the consensus estimate of $121.87 million. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, equities research analysts predict that Marqeta will post 0.06 earnings per share for the current year.

Analysts Set New Price Targets

MQ has been the topic of several recent research reports. UBS Group reduced their price target on Marqeta from $8.50 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Mizuho dropped their price target on Marqeta from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. JPMorgan Chase & Co. cut their price target on Marqeta from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Susquehanna restated a “positive” rating and issued a $9.00 target price on shares of Marqeta in a research report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Marqeta from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.11.

Insiders Place Their Bets

In other news, Director Martha Cummings sold 40,241 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $5.47, for a total transaction of $220,118.27. Following the sale, the director now owns 19,000 shares in the company, valued at $103,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.12% of the company’s stock.

Institutional Investors Weigh In On Marqeta

Several institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd boosted its holdings in Marqeta by 17,340.0% in the 1st quarter. Covestor Ltd now owns 4,360 shares of the company’s stock valued at $26,000 after purchasing an additional 4,335 shares during the period. J.Safra Asset Management Corp grew its position in shares of Marqeta by 633.2% in the 2nd quarter. J.Safra Asset Management Corp now owns 6,137 shares of the company’s stock valued at $34,000 after purchasing an additional 5,300 shares during the period. Russell Investments Group Ltd. raised its position in Marqeta by 7,852.8% in the 1st quarter. Russell Investments Group Ltd. now owns 10,100 shares of the company’s stock valued at $60,000 after buying an additional 9,973 shares during the last quarter. Empowered Funds LLC acquired a new position in Marqeta during the first quarter valued at approximately $65,000. Finally, Magnetar Financial LLC bought a new position in shares of Marqeta during the 2nd quarter worth approximately $61,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.