Marqeta Stock Drops on Analyst Downgrade

The stock staged a much-needed bounce last week

Deputy Editor

Apr 3, 2023 at 11:11 AM

Marqeta Inc (NASDAQ:MQ) is down 3.7% at $4.40 at last glance, after a downgrade from Morgan Stanley to "equal weight" from "overweight," with a price-target cut to $4.50 from $8.00.

The stock has been climbing since its Mar. 23 record low of $3.46, and is today on track to snap a five-day win streak. Prior to last week's 28% pop, MQ posted eight straight weekly losses. Despite today's pulback, MQ is still above its 20-day moving average after breaking above it last session.

Options traders have been more bearish than usual. This is per Marqeta stock's 50-day put/call volume ratio of 1.19 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 94% of readings from the past year.

Of the 17 analysts in coverage, 11 carry a "buy" or better rating, with six a "hold" or worse. The 12-month consensus price target of $7.00 is a 58.4% premium to current levels.

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