Maplebear’s (CART) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Maplebear (NASDAQ:CART) in a report issued on Wednesday morning,Benzinga reports.

Several other research firms have also weighed in on CART. Macquarie upped their target price on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Stifel Nicolaus increased their price objective on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Jefferies Financial Group began coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price for the company. BMO Capital Markets upped their price target on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Trading Down 2.2 %

CART stock opened at $42.00 on Wednesday. The company’s 50-day moving average price is $42.17 and its 200 day moving average price is $36.61. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The company has a market cap of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($20.86) EPS. On average, equities research analysts expect that Maplebear will post 1.2 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock worth $4,978,164 in the last quarter. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. Pacer Advisors Inc. purchased a new stake in Maplebear during the 3rd quarter worth $158,701,000. Sculptor Capital LP purchased a new stake in shares of Maplebear in the second quarter worth about $77,361,000. Geode Capital Management LLC grew its stake in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after buying an additional 1,647,081 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP raised its holdings in shares of Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.