Maplebear (NASDAQ:CART) Upgraded at Needham & Company LLC

Maplebear (NASDAQ:CART) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage currently has a $56.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 26.61% from the company’s previous close.

Other analysts also recently issued reports about the stock. Stifel Nicolaus lifted their price objective on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Raymond James initiated coverage on shares of Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Wells Fargo & Company initiated coverage on shares of Maplebear in a report on Friday. They issued an “equal weight” rating and a $47.00 price objective on the stock. BMO Capital Markets lifted their price objective on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of Maplebear in a report on Monday, October 7th. Thirteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.50.

Maplebear Stock Performance

Shares of CART stock opened at $44.23 on Monday. The company has a market capitalization of $11.36 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. The company’s 50 day moving average price is $43.59 and its two-hundred day moving average price is $39.38. Maplebear has a 52 week low of $22.60 and a 52 week high of $50.01.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same period last year, the company posted ($20.86) EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Analysts forecast that Maplebear will post 1.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. The trade was a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the sale, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at approximately $80,047,510.42. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,128 shares of company stock valued at $4,980,404 over the last ninety days. 36.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently modified their holdings of CART. Rhumbline Advisers lifted its position in Maplebear by 571.0% during the second quarter. Rhumbline Advisers now owns 149,618 shares of the company’s stock worth $4,809,000 after purchasing an additional 127,319 shares during the period. Victory Capital Management Inc. lifted its position in Maplebear by 144.7% during the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock worth $1,182,000 after purchasing an additional 21,755 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in Maplebear during the second quarter worth about $1,933,000. American Century Companies Inc. lifted its position in Maplebear by 14.6% during the second quarter. American Century Companies Inc. now owns 131,707 shares of the company’s stock worth $4,233,000 after purchasing an additional 16,783 shares during the period. Finally, WINTON GROUP Ltd bought a new stake in Maplebear during the second quarter worth about $1,147,000. Institutional investors own 63.09% of the company’s stock.

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.