Maplebear (NASDAQ:CART) Earns Neutral Rating from Analysts at Rosenblatt Securities

Rosenblatt Securities initiated coverage on shares of Maplebear (NASDAQ:CART) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued a neutral rating and a $55.00 price target on the stock.

CART has been the subject of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. Barclays upped their price target on shares of Maplebear from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wells Fargo & Company raised their price objective on shares of Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Oppenheimer raised their price target on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Finally, BNP Paribas Exane upgraded shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price objective for the company in a research report on Friday, August 7th. Fifteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.14.

Maplebear Price Performance

NASDAQ CART opened at $51.72 on Tuesday. The stock’s 50 day simple moving average is $47.75 and its 200 day simple moving average is $42.71. Maplebear has a one year low of $32.73 and a one year high of $52.68. The firm has a market cap of $11.97 billion, a PE ratio of 28.26, a price-to-earnings-growth ratio of 1.00 and a beta of 0.80.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, equities analysts expect that Maplebear will post 2.33 earnings per share for the current year.

Insider Transactions at Maplebear

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider owned 529,911 shares in the company, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of CART. Beacon Pointe Advisors LLC bought a new position in Maplebear during the 2nd quarter worth approximately $9,006,000. Bank of America Corp DE grew its holdings in Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after purchasing an additional 221,036 shares during the period. Geode Capital Management LLC increased its stake in Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares in the last quarter. Paragon Capital Management Inc. bought a new stake in Maplebear in the first quarter valued at approximately $1,256,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Maplebear in the first quarter worth $1,210,000. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.