Rosenblatt Securities Begins Coverage on Maplebear (NASDAQ:CART)

Research analysts at Rosenblatt Securities began coverage on shares of Maplebear (NASDAQ:CART) in a research report issued on Tuesday, Benzinga reports. The firm set a “neutral” rating and a $55.00 price target on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 8.87% from the company’s current price.

Other analysts have also issued research reports about the company. Cantor Fitzgerald increased their price objective on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Citigroup boosted their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. BNP Paribas Exane raised shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, August 7th. Wedbush started coverage on Maplebear in a research note on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.86.

Maplebear Trading Down 0.0%

NASDAQ:CART opened at $50.52 on Tuesday. The company has a market capitalization of $11.70 billion, a P/E ratio of 27.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The firm has a 50-day moving average price of $47.47 and a two-hundred day moving average price of $42.35. Maplebear has a twelve month low of $32.73 and a twelve month high of $52.05.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $0.41 earnings per share. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities research analysts predict that Maplebear will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently modified their holdings of the stock. Beacon Pointe Advisors LLC acquired a new position in Maplebear in the second quarter worth $9,006,000. Bank of America Corp DE grew its position in Maplebear by 16.5% in the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after buying an additional 221,036 shares in the last quarter. Geode Capital Management LLC raised its position in Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after acquiring an additional 54,010 shares in the last quarter. Paragon Capital Management Inc. purchased a new position in Maplebear in the 1st quarter worth about $1,256,000. Finally, NFJ Investment Group LLC acquired a new position in Maplebear during the fourth quarter valued at $36,240,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.