Benzinga | Nov 3, 2021 02:14PM EDT

Why Bitcoin-Related and Ethereum-Related Stock Marqeta Is Falling

Marqeta Inc (NASDAQ:MQ) shares are trading lower after SMBC Nikko initiated coverage on the stock with an Underperform rating and a $26 price target.

Marqeta has otherwise seen strength of late. Marqeta was trading higher on October 27 after the company announced a partnership with Bill.com to power new commercial card programs for financial institution customers.

Marqeta shares were also trading higher on October 26 after the company, and Amount, announced the first virtual card and loan origination partnership to help banks rapidly enter the buy now, pay later space.

Marqeta provides its clients with a card issuing platform that offers the infrastructure and tools necessary to offer digital, physical and tokenized payment options without the need for a traditional bank.

Marqeta has a 52-week high of $37.90 and a 52-week low of $19.78.