Maplebear (NASDAQ:CART) Earns Hold Rating from Needham & Company LLC

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

Several other equities analysts have also issued reports on the company. Robert W. Baird lifted their price target on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday. Macquarie boosted their target price on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. BMO Capital Markets increased their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Oppenheimer lifted their price target on shares of Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley dropped their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus target price of $46.95.

Maplebear Price Performance

CART traded down $1.54 on Wednesday, hitting $41.48. 722,635 shares of the stock were exchanged, compared to its average volume of 3,953,060. The firm has a market capitalization of $10.82 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.50 and a beta of 1.12. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The business has a 50-day moving average of $41.85 and a two-hundred day moving average of $36.51.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($20.86) EPS. Equities research analysts expect that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction that occurred on 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 owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,710 shares of company stock worth $4,978,164. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Huntington National Bank acquired a new stake in Maplebear in the third quarter worth $54,000. nVerses Capital LLC increased its position in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP boosted its holdings in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear in the third quarter valued at approximately $212,000. 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.