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Here’s Why Baron Funds Exited its Position in Marqeta (MQ)

Baron Funds, an investment management company, released its “Baron FinTech Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 1.75% (Institutional Shares) compared to a 4.88% decline for the S&P 500 benchmark index and a 4.95% decline for the FactSet Global FinTech Index. Favorable stock selection held up the portfolio better than its benchmark in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds discussed stocks like Marqeta, Inc. (NASDAQ:MQ) in the third-quarter investor letter. Headquartered in Oakland, California, Marqeta, Inc. (NASDAQ:MQ) is a cloud-based platform provider. On November 16, 2022, Marqeta, Inc. (NASDAQ:MQ) stock closed at $6.71 per share. One-month return of Marqeta, Inc. (NASDAQ:MQ) was -7.58%, and its shares lost 71.98% of their value over the last 52 weeks. Marqeta, Inc. (NASDAQ:MQ) has a market capitalization of $3.658 billion.

Baron Funds made the following comment about Marqeta, Inc. (NASDAQ:MQ) in its Q3 2022 investor letter:

“We exited our position in Marqeta, Inc. (NASDAQ:MQ) due to concerns about increasing competition in the issuer processing market, the company’s slow path to profitability, and insufficient progress on diversifying the revenue base beyond its largest customer, Block, Inc. The contracts with Block expire in 2024, and while they likely will be renewed, we expect a reduction in pricing and profitability for Marqeta. After our sale of the stock, the CEO announced he was stepping down from the role (while remaining as Chairman) and the company guided to slower revenue growth, which further clouded the outlook and pressured the shares.”

security, number, up, currency, close, electronic, credit, commerce, space, identity, debit
security, number, up, currency, close, electronic, credit, commerce, space, identity, debit

Alix Kreil/Shutterstock.com

Marqeta, Inc. (NASDAQ:MQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Marqeta, Inc. (NASDAQ:MQ) at the end of the third quarter, which was 33 in the previous quarter.

We discussed Marqeta, Inc. (NASDAQ:MQ) in another article and shared the best very cheap stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.