Maplebear (NASDAQ:CART) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a $56.00 price target on the stock.

Other research analysts also recently issued reports about the company. Oppenheimer increased their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. 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 research report on Monday, December 9th. Macquarie boosted their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Piper Sandler upped their target price on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lifted their price target on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $49.80.

Maplebear Stock Down 12.3 %

CART opened at $42.80 on Wednesday. The company has a market capitalization of $11.00 billion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The firm has a 50-day simple moving average of $46.48 and a two-hundred day simple moving average of $42.68. Maplebear has a 52 week low of $29.84 and a 52 week high of $53.44.

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

Insider Transactions at Maplebear

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,311 shares of company stock valued at $1,088,636. 36.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp increased its position in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear during the third quarter valued at approximately $33,000. Allworth Financial LP increased its holdings in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after buying an additional 420 shares during the period. NewEdge Advisors LLC increased its holdings in Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares during the period. Finally, Anderson Financial Strategies LLC bought a new position in Maplebear in the fourth quarter worth approximately $46,000. 63.09% of the stock is 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.