Benchmark Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating restated by analysts at Benchmark in a report released on Tuesday, Benzinga reports.

Several other brokerages also recently commented on CART. Robert W. Baird raised their target price on Maplebear from $31.00 to $44.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Moffett Nathanson reaffirmed a “neutral” rating and set a $37.00 target price (up from $36.00) on shares of Maplebear in a research report on Thursday, April 11th. Barclays increased their target price on Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Wednesday, February 14th. Finally, Wolfe Research boosted their price target on shares of Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.42.

Maplebear Stock Performance

Maplebear stock opened at $36.53 on Tuesday. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95. The stock’s 50 day moving average price is $35.93 and its two-hundred day moving average price is $29.00.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. Maplebear’s revenue was up 6.1% compared to the same quarter last year. Analysts anticipate that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In related news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at $540,565.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Capital LLC raised its stake in shares of Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after buying an additional 607 shares during the period. Parallel Advisors LLC raised its stake in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the period. Signaturefd LLC bought a new position in Maplebear during the third quarter worth about $30,000. Cantor Fitzgerald L. P. boosted its holdings in Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new stake in Maplebear during the 4th quarter valued at $69,000. 63.09% of the stock is owned by institutional investors.

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.