Maplebear (NASDAQ:CART) Given Hold Rating at Needham & Company LLC

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

A number of other analysts also recently weighed in on the company. Loop Capital initiated coverage on Maplebear in a research note on Friday, April 19th. They issued a buy rating and a $46.00 price target on the stock. BMO Capital Markets initiated coverage on Maplebear in a research note on Tuesday, January 9th. They issued a market perform rating and a $26.00 price target on the stock. Benchmark downgraded Maplebear from a buy rating to a hold rating in a research note on Tuesday, January 23rd. Macquarie initiated coverage on Maplebear in a research note on Monday, March 25th. They issued an outperform rating and a $42.00 price target on the stock. Finally, Sanford C. Bernstein upgraded Maplebear from a market perform rating to an outperform rating and lifted their price target for the company from $30.00 to $43.00 in a research note on Thursday, March 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Maplebear presently has a consensus rating of Moderate Buy and an average target price of $38.16.

Maplebear Price Performance

NASDAQ:CART opened at $33.42 on Tuesday. The stock’s 50 day simple moving average is $34.71 and its 200-day simple moving average is $28.36. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that Maplebear will post 0.53 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, CFO Nick Giovanni sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total value of $369,700.00. Following the completion of the transaction, the chief financial officer now directly owns 576,977 shares in the company, valued at $21,330,839.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Nick Giovanni sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total value of $369,700.00. Following the completion of the transaction, the chief financial officer now directly owns 576,977 shares in the company, valued at $21,330,839.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the purchase, the insider now directly owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 2,157,745 shares of company stock valued at $61,771,955 and sold 1,008,592 shares valued at $28,770,988.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC acquired a new position in Maplebear in the third quarter valued at $30,000. Parallel Advisors LLC increased its stake in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the last quarter. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the fourth quarter worth about $69,000. Finally, Amalgamated Bank acquired a new stake in Maplebear during the fourth quarter worth about $94,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.