Maplebear’s (CART) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Maplebear (NASDAQ:CART) in a report issued on Wednesday,Benzinga reports.

CART has been the subject of several other research reports. Bank of America upped their price target on shares of Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Raymond James began coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Citigroup lifted their price target on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Wedbush boosted their target price on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Stock Down 3.6 %

Maplebear stock traded down $1.54 during mid-day trading on Wednesday, hitting $41.48. 722,635 shares of the company’s stock were exchanged, compared to its average volume of 3,953,060. The company’s 50 day simple moving average is $41.85 and its 200-day simple moving average is $36.51. The firm has a market capitalization of $10.82 billion, a P/E ratio of 28.87, a PEG ratio of 1.50 and a beta of 1.12. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

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

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Maplebear 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 value of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 0.00 % decrease in their position. 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 the business’s 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 sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock worth $4,978,164 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several hedge funds have recently added to or reduced their stakes in CART. Pacer Advisors Inc. acquired a new stake in shares of Maplebear during the third quarter worth $158,701,000. Sculptor Capital LP bought a new position in Maplebear during the second quarter worth about $77,361,000. Charles Schwab Investment Management Inc. raised its stake in Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Maplebear during the 1st quarter worth approximately $28,674,000. 63.09% of the stock is 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.