Karishma Vanjani
Marqeta stock was catering Tuesday after the financial services company slashed its revenue forecast for the fourth quarter. Analysts tracking the stock followed with downgrades.
Marqeta, which issues debit, credit, and other kinds of cards, late Monday said revenue in the fourth quarter would increase by 10% to 12% from a year earlier. The company previously issued a forecast of 16% to 18% net revenue growth. Wall Street was expecting 17% in revenue growth.
The company cited "the heightened scrutiny of the banking environment and specific customer program changes" as reasons for the revision.
The stock tumbled 39% to $3.65 in premarket trading on Tuesday.
"While we still believe Marqeta to be a best-in-class asset, we do not see the need to be" overweight the stock while the headwinds resolve, KeyBanc analyst Alex Markgraff wrote in a research note Tuesday. Markgraff downgraded the stock to Sector Weight from Overweight.
Analysts at William Blair downgraded the stock to Market Perform from Outperform.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com.
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(END) Dow Jones Newswires
November 05, 2024 07:36 ET (12:36 GMT)
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