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

Needham & Company LLC upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a buy rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have $56.00 price objective on the stock.

Several other equities analysts have also weighed in on CART. Jefferies Financial Group assumed coverage on shares of Maplebear in a research report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Barclays increased their price target on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Raymond James started coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Piper Sandler increased their target price on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus lifted their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.31.

Maplebear Price Performance

Shares of CART stock opened at $45.11 on Monday. The company has a fifty day moving average price of $43.61 and a two-hundred day moving average price of $39.57. Maplebear has a one year low of $22.70 and a one year high of $50.01. The stock has a market cap of $11.59 billion, a P/E ratio of 30.28, a P/E/G ratio of 1.08 and a beta of 1.04.

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

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. CIBC Asset Management Inc raised its holdings in Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after buying an additional 286 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Maplebear by 5.1% during the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after purchasing an additional 584 shares during the period. Pier Capital LLC grew its stake in shares of Maplebear by 0.4% in the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after purchasing an additional 616 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Maplebear in the third quarter valued at $33,000. 63.09% of the stock is currently owned by institutional investors.

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.