Benchmark Reiterates Hold Rating for Maplebear (NASDAQ:CART)

Benchmark reiterated their hold rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday morning,Benzinga reports.

A number of other analysts have also issued reports on the company. Morgan Stanley boosted their price target on Maplebear from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Seaport Res Ptn upgraded Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target for the company. JPMorgan Chase & Co. upped their target price on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Bank of America upped their target price on Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $41.09 on Wednesday. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44. The business has a 50 day simple moving average of $46.43 and a two-hundred day simple moving average of $42.72. The firm has a market capitalization of $10.56 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

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

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total value of $898,682.50. Following the transaction, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. This represents a 1.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,061 shares of company stock valued at $1,987,318 in the last ninety days. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its position in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the period. CIBC Asset Management Inc grew its position in Maplebear by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares during the period. Allworth Financial LP grew its position in Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after purchasing an additional 420 shares during the period. WCG Wealth Advisors LLC grew its position in Maplebear by 3.3% during the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after purchasing an additional 451 shares during the period. Finally, Coldstream Capital Management Inc. grew its position in Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after purchasing an additional 490 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

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.