Shares of Marqeta Inc. (NASDAQ: MQ), a technological solutions provider for the financial industry, climbed about 5% on Monday, August 1, despite a little dip in the S&P 500 index. The cause was an update to one of the Wall Street analysts’ target prices.
MQ provides payment service solutions, including technology for generating plastic cards and handling payments. Large financial and IT firms such as Block, Uber, DootDash, and Klarna employ the company’s services. Marqeta’s innovations provide superior fraud prevention by reducing the possibility of transmitting money to illegal users.
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KeyBanc analysts raised their price target for Marqeta Inc. (MQ) to $11 on Monday, August 1, while maintaining an overweight recommendation. However, experts did not provide a rationale for their conclusion. Analysts are likely to be optimistic about Marqeta’s market prospects, given the company is quickly growing its client base.
It should be highlighted that Marqeta Inc. (MQ) works with various significant corporations; yet, some investors are concerned about the company’s strong reliance on the Block payment service. In this context, Marqeta’s expanded relationship with another financial technology business, Klarna, which provides installment payment services, was revealed two months ago as encouraging news.
It presently has around 150 million users, approximately 25 million of them in the United States. The Klarna installment service is an important partner for Marqeta Inc. (MQ) since it may produce a big number of gross payments. The installment sales industry is quickly expanding, thus Marqeta’s entry into it through cooperation with a prominent competitor may be a favorable indicator.
MQ stock gained 22.62 percent in the last week and 26.69 percent in the previous month. During the previous quarter, this company’s stock climbed 9.54 percent. The stock has been down -9.49 percent in the previous six months, with a full-year loss of -60.71 percent. At the time of writing, the year-to-date (YTD) price performance of this stock was -37.80 percent.
