Maplebear (NASDAQ:CART) Stock Rating Reaffirmed by Needham & Company LLC

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating restated by analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports.

A number of other brokerages have also weighed in on CART. Loop Capital started coverage on Maplebear in a research note on Friday, April 19th. They set a “buy” rating and a $46.00 target price on the stock. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Morgan Stanley assumed coverage on Maplebear in a research note on Tuesday, January 30th. They issued an “equal weight” rating and a $28.00 price target on the stock. Robert W. Baird lifted their price target on Maplebear from $31.00 to $44.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Finally, Wedbush decreased their price target on Maplebear from $30.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 27th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average target price of $38.16.

Maplebear Stock Up 2.6 %

CART opened at $34.28 on Tuesday. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95. The business has a 50 day moving average of $34.85 and a 200-day moving average of $28.41.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts forecast that Maplebear will post 0.53 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the transaction, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the transaction, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the purchase, the insider now directly owns 1,036,683 shares in the company, valued at $28,923,455.70. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,027,279 shares valued at $29,422,416.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Signaturefd LLC bought a new stake in Maplebear in the 3rd quarter valued at about $30,000. Parallel Advisors LLC increased its position in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after buying an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. increased its position in Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in Maplebear in the 4th quarter valued at about $69,000. Finally, Amalgamated Bank bought a new stake in Maplebear in the 4th quarter valued at about $94,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.