Needham & Company LLC Reiterates “Hold” Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating restated by Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports.

A number of other analysts also recently issued reports on the company. Macquarie raised their target price on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Piper Sandler raised their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Oppenheimer increased their price target on Maplebear from $48.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Stifel Nicolaus increased 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. Finally, BMO Capital Markets increased their price target on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Performance

NASDAQ CART opened at $42.93 on Wednesday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company has a market cap of $11.20 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12. The business has a fifty day moving average price of $41.85 and a 200 day moving average price of $36.51.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period last year, the company earned ($20.86) EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, sell-side analysts predict that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the sale, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total value of $921,092.50. Following the completion of the sale, the chief executive officer now directly owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 in the last quarter. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after acquiring an additional 150,544 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Maplebear during the 2nd quarter worth about $8,293,000. Investment House LLC acquired a new stake in shares of Maplebear during the 2nd quarter worth about $750,000. Eos Management L.P. raised its position in shares of Maplebear by 98.1% during the 3rd quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock worth $1,284,000 after acquiring an additional 15,600 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of Maplebear by 141.8% during the 3rd quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock worth $1,001,000 after acquiring an additional 14,404 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.