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Marqeta Inc (NASDAQ:MQ) shares are trading lower Wednesday after the company reported fourth-quarter results. Several analysts lowered price targets on the stock following Marqeta's quarterly report.
- Q4 Revenue: $203.81 million beat estimates of $201.93 million
- Q4 EPS: Loss of 5 cents beat estimates for loss of 9
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"We are entering 2023 uniquely positioned to capture the massive opportunity in embedded finance. Our cloud native and API-first platform offers a fully bundled offering - debit, credit, risk, money movement and program management tools, making it seamless for our customers to embed financial services into their own products," said Simon Khalaf, CEO of Marqeta.
Marqeta said it expects revenue growth to be in the range of 26% to 28% in the first quarter. Adjusted EBITDA margins are expected to be in a range of negative 5% to negative 6%.
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Analyst Assessment:
- Keybanc analyst Josh Beck maintained Marqeta with an Overweight and lowered the price target from $9 to $6.
- JPMorgan analyst Tien-Tsin Huang downgraded Marqeta from Overweight to Neutral and lowered the price target from $9 to $6.
- Goldman Sachs analyst Michael Ng maintained Marqeta with a Neutral and lowered the price target from $7 to $6.
- Credit Suisse analyst Timothy Chiodo maintained Marqeta with an Outperform and lowered the price target from $13.50 to $8.
MQ Price Action: Marqeta has a 52-week high of $12.41 and a 52-week low of $5.64, according to Benzinga Pro.
The stock was down 25.4% at $4.33 at the time of publication.
Photo: courtesy of Marqeta.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.