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 released on Wednesday,Benzinga reports.

Several other research firms also recently issued reports on CART. Stifel Nicolaus boosted their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Macquarie upped their target price on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird increased their target price on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.2 %

Shares of NASDAQ CART opened at $42.00 on Wednesday. The stock has a market capitalization of $10.95 billion, a PE ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. The firm has a fifty day moving average of $42.17 and a 200-day moving average of $36.62. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($20.86) earnings per share. Equities research analysts expect that Maplebear will post 1.2 EPS for the current fiscal year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Huntington National Bank acquired a new position in Maplebear during the 3rd quarter valued at approximately $54,000. nVerses Capital LLC boosted its holdings in shares of Maplebear by 1,600.0% during 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 period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear during the third quarter valued at $74,000. Quarry LP grew its position in shares of Maplebear by 269.5% during 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 during the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Maplebear in the 3rd quarter worth about $212,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.