Why Marqueta Stock Slipped More Than 4% Today
The bears keep pawing away at the stock of Marqeta (NASDAQ: MQ). Following a series of hits the company took last week and on Monday, investors traded the shares down Tuesday after a new price-target cut from an analyst. By the end of the trading day, the stock had fallen more than 4%.
The price-target cutter in question was JPMorgan Chase's (NYSE: JPM) Tien-tsin Huang, who now says that Marqeta stock is worth $12 per share. That's a bit down from his former level of $14.
The reasons for Huang's adjustment weren't immediately clear, but we can make a pretty good stab at them. Marqeta's stock has been reeling since the fintech revealed last Thursday that two of its executives are departing: founder and CEO Jason Gardner, and chief operating officer Vidya Peters. Compounding this, the company gave no indication as to why both are exiting.
Source Fool.com
