Marqeta (NASDAQ:MQ) shares are in focus today after BTIG analyst Lance Jessurun lowered the rating on the card issuing platform to a Sell from a Hold with a price target of $4.
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The downgrade comes after the company’s recent second-quarter performance, where its revenue rose 23.7% year-over-year to $231 million but net loss per share widened to $0.11 from $0.08 a year ago.
Jessurun sees an impact on Marqueta’s performance in the short term owing to near-term challenges and has played down the company’s contract renewal with Cash App due to “mediocre unit economics.”
In a partnership with Fitbank, the company is expanding its footprint into Brazil and yesterday, unveiled its external-facing AI bot, Marqueta Docs AI. The tool is expected to lower the time spent on coding and testing by nearly 75%.
Marqueta shares have now run up nearly 19.2% over the past month and overall, the Street has a $6.39 consensus price target on the stock alongside a Moderate Buy consensus rating.
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