Maplebear (NASDAQ:CART) Rating Increased to Hold at Rosenblatt Securities

Rosenblatt Securities upgraded shares of Maplebear (NASDAQ:CART) to a hold rating in a report released on Monday morning,Zacks reports.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Benchmark upped their target price on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Citigroup raised their target price on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Cantor Fitzgerald lifted their price target on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.86.

Maplebear Stock Performance

Shares of Maplebear stock opened at $50.05 on Monday. Maplebear has a one year low of $32.73 and a one year high of $52.05. The business has a 50-day simple moving average of $47.55 and a 200-day simple moving average of $42.48. The company has a market cap of $11.59 billion, a PE ratio of 27.35, a P/E/G ratio of 0.98 and a beta of 0.78.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $0.41 EPS. On average, sell-side analysts predict that Maplebear will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the sale, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the sale, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Maplebear by 51.2% during the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after purchasing an additional 44,642 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after acquiring an additional 698 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Maplebear by 358.5% in the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Maplebear by 17.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after purchasing an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Maplebear during the first quarter worth about $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.