Jefferies Financial Group Initiates Coverage on Maplebear (NASDAQ:CART)

Jefferies Financial Group started coverage on shares of Maplebear (NASDAQ:CART) in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm issued a hold rating and a $43.00 price objective on the stock.

CART has been the topic of several other reports. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Wolfe Research assumed coverage on shares of Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Wedbush boosted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.10.

Maplebear Stock Up 0.1 %

Shares of NASDAQ:CART opened at $42.76 on Wednesday. The company has a 50-day moving average price of $37.83 and a 200 day moving average price of $35.43. Maplebear has a 52 week low of $22.13 and a 52 week high of $45.01. The company has a market cap of $11.32 billion and a P/E ratio of -2.16.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s quarterly revenue was up 14.9% compared to the same quarter last year. Analysts expect that Maplebear will post 1.14 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,955 shares of company stock worth $2,480,317. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sculptor Capital LP acquired a new stake in shares of Maplebear in the second quarter worth $77,361,000. Federated Hermes Inc. raised its position in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares during the period. SG Americas Securities LLC acquired a new position in shares of Maplebear during the first quarter worth about $31,109,000. Lord Abbett & CO. LLC acquired a new position in shares of Maplebear during the first quarter worth about $28,674,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Maplebear in the second quarter worth about $22,816,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.