Here’s Why Artisan Partners Bought Some Marqeta (MQ) Shares

Artisan Partners, a high value-added investment management firm, published its ‘Artisan Mid Cap Fund’ third quarter 2021 investor letter – a copy of which can be downloaded here. A return of 3.06% was recorded by its Investor Class: ARTMX, 3.11% by its Advisor Class: APDMX, and 3.12% by its Institutional Class: APHMX, in the third quarter of 2021, all outpacing the Russell Midcap® Growth Index that delivered a -0.76% return, and the Russell Midcap® Index that was down by -0.93% for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Artisan Mid-Cap Fund, in its Q3 2021 investor letter, mentioned Marqeta, Inc. (NASDAQ: MQ) and discussed its stance on the firm. Marqeta, Inc. is an Oakland, California-based IT service management company with a $12.8 billion market capitalization. MQ delivered a -6.02% and it closed at $23.88 per share on November 19, 2021.

Here is what Artisan Mid-Cap Fund has to say about Marqeta, Inc.  in its Q3 2021 investor letter:

“Marqeta is a digital payment software company with a focus on providing fintechs and merchants the infrastructure to build and process configurable payment cards. The company’s superior API technology allows it to easily connect to customers’ internal systems, enabling quicker product development and introduction. Marqeta’s growth over the years has been largely attributed to its partnership with Square’s Cash App—more than 70% of revenues—but we believe recent client wins (Google Pay) and the continued emergence of innovative digital payment services who need Marqeta’s technology infrastructure make for a compelling profit cycle ahead. With shares pulling back during the quarter, we initiated a small GardenSM position.”

Based on our calculations, Marqeta, Inc. (NASDAQ: MQ) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. MQ was in 35 hedge fund portfolios at the end of the first half of 2021, compared to 0 funds in the previous quarter. Marqeta, Inc. (NASDAQ: MQ) delivered a -3.36% return in the past 3 months.

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