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

Needham & Company LLC reaffirmed their hold rating on shares of Maplebear (NASDAQ:CART) in a research note published on Wednesday morning, Benzinga reports.

Several other research analysts have also recently commented on CART. Wolfe Research started coverage on shares of Maplebear in a report on Tuesday, July 16th. They set a peer perform rating on the stock. JMP Securities raised their target price on shares of Maplebear from $35.00 to $42.00 and gave the stock a market outperform rating in a report on Thursday, May 9th. Barclays lifted their price objective on shares of Maplebear from $41.00 to $43.00 and gave the company an overweight rating in a research note on Thursday, May 9th. Citigroup lifted their price objective on shares of Maplebear from $42.00 to $44.00 and gave the company a buy rating in a research note on Thursday, May 9th. Finally, Loop Capital lifted their price objective on shares of Maplebear from $46.00 to $49.00 and gave the company a buy rating in a research note on Thursday, May 16th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $42.70.

Maplebear Stock Down 0.7 %

Shares of CART traded down $0.22 during mid-day trading on Wednesday, hitting $31.90. 2,855,478 shares of the company’s stock were exchanged, compared to its average volume of 4,129,516. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95. The stock’s 50-day simple moving average is $33.32 and its 200-day simple moving average is $33.06.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The firm’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts forecast that Maplebear will post 1.02 EPS for the current year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the sale, the general counsel now directly owns 391,069 shares of the company’s stock, valued at $12,983,490.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the sale, the general counsel now directly owns 391,069 shares of the company’s stock, valued at $12,983,490.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,550 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total transaction of $84,685.50. Following the sale, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at $3,755,586.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,388 shares of company stock valued at $1,795,513. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares in the last quarter. nVerses Capital LLC boosted its stake in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the last quarter. Cantor Fitzgerald L. P. boosted its stake in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in Maplebear in the fourth quarter valued at about $69,000. Finally, Amalgamated Bank purchased a new position in Maplebear in the fourth quarter valued at about $94,000. 63.09% of the stock is owned by institutional investors.

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.