Maplebear (NASDAQ:CART) Stock Rating Reaffirmed by Needham & Company LLC

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports.

A number of other analysts have also recently commented on CART. Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Macquarie initiated coverage on Maplebear in a research report on Monday, March 25th. They set an “outperform” rating and a $42.00 target price on the stock. Loop Capital initiated coverage on Maplebear in a research report on Friday, April 19th. They set a “buy” rating and a $46.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, March 25th. Finally, Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.42.

Maplebear Stock Down 0.1 %

Shares of NASDAQ CART opened at $37.48 on Tuesday. The business has a 50-day moving average of $36.05 and a two-hundred day moving average of $29.09. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Maplebear will post 0.53 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 12,113 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.33, for a total transaction of $415,839.29. Following the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the sale, the chief accounting officer now directly owns 114,205 shares in the company, valued at approximately $3,920,657.65. The disclosure for this sale can be found here. In the last quarter, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. TD Asset Management Inc purchased a new stake in Maplebear in the 3rd quarter valued at approximately $6,640,000. Levin Capital Strategies L.P. purchased a new stake in Maplebear in the 3rd quarter valued at approximately $846,000. Industry Ventures L.L.C. purchased a new stake in Maplebear in the 3rd quarter valued at approximately $7,796,000. EFG Asset Management North America Corp. acquired a new position in Maplebear in the 3rd quarter valued at $270,000. Finally, Signaturefd LLC acquired a new position in Maplebear in the 3rd quarter valued at $30,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.