Marqeta dips after BTIG cuts to rare 'sell' rating

Marqeta

16/08/2023 13:51

** Payments firm Marqeta  MQ.O  fall 4.9% to $5.59 in
premarket after BTIG downgrades stock to "sell" from "neutral"
    ** BTIG is the only brokerage with a "sell" rating among 18
analysts covering the stock, as per Refinitiv data
    ** Last week, co reported Q2 results and also said it had
signed a four-year contract extension with Block Inc's  SQ.N 
Cash App card product
    ** BTIG downgrades the stock, citing a lack of path to
profitability and weak non-Block revenue in Q2
    ** "A deceleration of revenue in non-Block business will
further complicate efforts to deconsolidate revenue away from
Block" - brokerage
    ** MQ down 3.8% YTD, as of last close

 (Reporting by Siddarth S in Bengaluru)
 ((Siddarth.s@thomsonreuters.com;))