Maplebear (NASDAQ:CART) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Maplebear (NASDAQ:CART) in a research note published on Thursday morning,Benzinga reports. They currently have a $55.00 price target on the stock.

Other analysts have also issued reports about the stock. Argus raised shares of Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Raymond James Financial upgraded shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Cantor Fitzgerald increased their price objective on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Benchmark reduced their price objective on Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, Jefferies Financial Group upgraded Maplebear from a “hold” rating to a “buy” rating and lifted their target price for the stock from $38.00 to $45.00 in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.39.

Maplebear Trading Up 5.4%

NASDAQ:CART traded up $2.06 during mid-day trading on Thursday, reaching $40.05. 2,222,072 shares of the stock were exchanged, compared to its average volume of 4,743,667. The business has a fifty day moving average price of $39.26 and a 200 day moving average price of $39.90. The firm has a market capitalization of $9.48 billion, a PE ratio of 22.48, a PEG ratio of 0.62 and a beta of 0.96. Maplebear has a 1-year low of $32.73 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company posted $0.37 earnings per share. Maplebear’s revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts forecast that Maplebear will post 2.4 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. The trade was a 24.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer directly owned 58,971 shares in the company, valued at $2,373,582.75. The trade was a 13.74% 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. In the last ninety days, insiders sold 144,863 shares of company stock valued at $5,418,135. 24.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its position in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after buying an additional 261 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of Maplebear by 2.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock valued at $498,000 after buying an additional 273 shares during the period. Crossmark Global Holdings Inc. grew its holdings in shares of Maplebear by 5.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock valued at $236,000 after acquiring an additional 304 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares in the last quarter. 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.