Maplebear’s (CART) “Buy” Rating Reiterated at Needham & Company LLC

Maplebear (NASDAQ:CART)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $56.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 37.46% from the stock’s current price.

CART has been the topic of a number of other research reports. Wells Fargo & Company initiated coverage on Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target on the stock. Piper Sandler increased their price target on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Seaport Res Ptn raised Maplebear to a “strong-buy” rating in a research report on Wednesday, February 12th. JMP Securities increased their price target on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Finally, BMO Capital Markets increased their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Stock Down 4.8 %

Shares of Maplebear stock opened at $40.74 on Wednesday. Maplebear has a 52 week low of $29.84 and a 52 week high of $53.44. The business’s fifty day simple moving average is $46.45 and its 200-day simple moving average is $42.66. The firm has a market cap of $10.47 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. As a group, equities analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at approximately $3,697,152.90. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,311 shares of company stock worth $1,088,636. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its position in shares of Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the 3rd quarter valued at $158,701,000. Boston Partners bought a new stake in shares of Maplebear in the 4th quarter valued at $111,506,000. Altimeter Capital Management LP bought a new stake in shares of Maplebear in the 4th quarter valued at $105,108,000. Finally, Vanguard Group Inc. increased its position in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after buying an additional 2,300,288 shares in the last quarter. Institutional investors and hedge funds 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.