Benchmark Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reissued by stock analysts at Benchmark in a research note issued to investors on Wednesday,Benzinga reports.

CART has been the topic of several other reports. Piper Sandler raised their target price on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Maplebear in a report on Wednesday. Loop Capital increased their price objective on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a report on Monday, December 9th. Mizuho began coverage on shares of Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, BMO Capital Markets lifted their price objective on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.60.

Maplebear Stock Performance

CART stock opened at $43.97 on Wednesday. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a market capitalization of $11.30 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The business’s 50 day moving average price is $46.46 and its two-hundred day moving average price is $42.68.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,311 shares of company stock worth $1,088,636 over the last quarter. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its position in shares of Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after acquiring an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Maplebear in the 3rd quarter valued at $33,000. Allworth Financial LP lifted its holdings in Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after buying an additional 717 shares in the last quarter. Finally, Anderson Financial Strategies LLC purchased a new position in Maplebear in the 4th quarter worth approximately $46,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

About Maplebear

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.