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Citi is expanding its use of Google Cloud to access the cloud provider’s generative AI capabilities. Rohit Bhat, general manager and managing director at Google Cloud’s financial services, told Bank Automation News at Money20/20 this week that the $1.6 trillion bank will also look to Google Cloud for: Modernization of its tech stack; Data analytics […]
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Vaidik Trivedi
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EverBank has announced plans to acquire Sterling Bank for $261 million, through a stock purchase agreement. Jacksonville, Fla.-based EverBank is set to acquire Sterling’s 25 branches, $900 million in loans and $2 billion in annual deposits, and aims to expand its operations in San Francisco and other localities in California, an EverBank spokesperson told Bank […]
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Gather Federal Credit Union has selected credit underwriting platform Zest AI to reduce fraudulent activity during the loan origination and decisioning process. AI-driven Zest Protect can help financial institutions fight identity fraud and identify fake documents during the loan procedure, Adam Kleinman, head of strategy and client success at Zest AI, told Bank Automation News. […]
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Vaidik Trivedi
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Payments fintech Marqeta saw growth in its total processing volume during the second quarter as consumer demand for non-traditional banking and digital banking channels increased. According to Marqeta’s July State of Payment report, which surveyed 4,000 consumers in June, 63% of consumers between 18 and 34 years old said they would be open to banking […]
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Whitney McDonald
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PayPal is investing in its platforms and capabilities to keep up with consumer demand for digital payments. “Today, we operate in a massive, $6 trillion plus, global e-commerce market that benefits from the ongoing digitization of payments,” PayPal President and Chief Executive Alex Chriss said during today’s second-quarter earnings call. To keep up with the […]
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Whitney McDonald
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The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]
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Vaidik Trivedi
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Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe. “We selected Zafin to help us as we work to externalize our products and pricing from the banking core,” Pete Amstutz, senior vice president of savings and membership at Navy Federal, told Bank Automation […]
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Marqeta (NASDAQ:MQ – Get Rating) issued its quarterly earnings data on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03), Briefing.com reports. Marqeta had a negative return on equity of 12.19% and a negative net margin of 24.70%. The company had revenue of $217.40 million for the quarter, compared to the consensus estimate of $211.79 million. During the same quarter last year, the business earned ($0.11) earnings per share. Marqeta’s revenue was up 30.9% compared to the same quarter last year. Marqeta updated its Q2 2023 guidance to EPS.
Shares of MQ opened at $4.23 on Thursday. The firm has a market cap of $2.28 billion, a PE ratio of -12.44 and a beta of 1.80. The stock’s fifty day moving average price is $4.24 and its two-hundred day moving average price is $5.72. Marqeta has a 1 year low of $3.46 and a 1 year high of $12.06.
Several equities research analysts recently commented on MQ shares. Credit Suisse Group decreased their target price on Marqeta from $13.50 to $8.00 and set an “outperform” rating for the company in a research note on Wednesday, March 1st. Mizuho reduced their price objective on Marqeta from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, March 29th. Keefe, Bruyette & Woods reduced their price objective on Marqeta from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, April 11th. Citigroup cut their target price on Marqeta from $13.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Marqeta in a research report on Thursday, April 6th. They set a “buy” rating and a $7.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Marqeta has a consensus rating of “Hold” and a consensus price target of $7.21.
Several hedge funds have recently made changes to their positions in the stock. Point72 Middle East FZE purchased a new position in shares of Marqeta in the fourth quarter valued at $153,000. Bridgefront Capital LLC purchased a new position in shares of Marqeta in the fourth quarter valued at $67,000. PFS Investments Inc. purchased a new position in shares of Marqeta in the fourth quarter valued at $67,000. Cerity Partners LLC grew its position in shares of Marqeta by 138.7% in the fourth quarter. Cerity Partners LLC now owns 73,289 shares of the company’s stock valued at $448,000 after purchasing an additional 42,590 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Marqeta in the fourth quarter valued at $268,000. 61.35% of the stock is currently owned by hedge funds and other institutional investors.
Marqeta, Inc operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.
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ABMN Staff
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Payments fintech Marqeta announced today it will acquire credit card management platform Power Finance in an all-cash transaction to help supplement its credit offerings. The cloud-based solution is expected to accelerate the capabilities of Marqeta’s credit products including card issuing, digital wallets and transaction processing, according to a Marqeta release. The Oakland, Calif.-based fintech (NASDAQ: […]
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Brian Stone
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Payments fintech Marqeta is eliminating manual authorization in its payments process through an extended partnership with Mastercard. The credit card giant’s Track Instant Pay is a business-to-business virtual card payment solution that uses machine learning to analyze invoices and generate a virtual credit card to pay suppliers in real time, according to a release. The […]
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Brian Stone
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