Maplebear (NASDAQ:CART) Earns Hold Rating from Needham & Company LLC

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

CART has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price objective on Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, March 25th. Wolfe Research raised their price target on Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Barclays raised their price target on Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Moffett Nathanson reissued a “neutral” rating and issued a $37.00 price target (up from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Finally, Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a report on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and an average price target of $38.16.

Maplebear Trading Down 5.4 %

NASDAQ:CART traded down $1.96 during mid-day trading on Tuesday, reaching $34.13. 5,273,244 shares of the stock were exchanged, compared to its average volume of 4,039,586. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95. The company has a 50 day simple moving average of $34.60 and a 200-day simple moving average of $28.31.

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

Insiders Place Their Bets

In other Maplebear news, CFO Nick Giovanni sold 10,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total transaction of $369,700.00. Following the completion of the transaction, the chief financial officer now owns 576,977 shares of the company’s stock, valued at $21,330,839.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now directly owns 114,205 shares in the company, valued at $3,920,657.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nick Giovanni sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $36.97, for a total value of $369,700.00. Following the completion of the transaction, the chief financial officer now owns 576,977 shares of the company’s stock, valued at $21,330,839.69. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 2,157,745 shares of company stock valued at $61,771,955 and sold 1,008,592 shares valued at $28,770,988.

Hedge Funds Weigh In On Maplebear

Several institutional investors have recently added to or reduced their stakes in CART. Parallel Advisors LLC increased its stake in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the last quarter. Signaturefd LLC acquired a new stake in Maplebear during the third quarter worth about $30,000. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the fourth quarter worth about $69,000. Finally, Amalgamated Bank acquired a new stake in Maplebear during the fourth quarter worth about $94,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

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.