Maplebear (NASDAQ:CART) Rating Increased to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Maplebear (NASDAQ:CART - Free Report) from a hold rating to a buy rating in a report released on Monday morning, MarketBeat reports. Needham & Company LLC currently has $56.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus increased their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased their target price on Maplebear from $47.00 to $52.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Piper Sandler lifted their price target on Maplebear from $50.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They set a "hold" rating and a $37.00 price target on the stock. Finally, Barclays raised their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.63.

Maplebear Stock Up 0.6 %

Maplebear stock traded up $0.28 during mid-day trading on Monday, hitting $44.51. The company had a trading volume of 26,423,938 shares, compared to its average volume of 7,250,834. Maplebear has a 1 year low of $22.70 and a 1 year high of $50.01. The business has a fifty day moving average of $43.59 and a 200 day moving average of $39.47. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company's revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($20.86) earnings per share. Equities analysts anticipate that Maplebear will post 1.4 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,247 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the business's stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total value of $921,092.50. Following the sale, the chief executive officer now owns 1,803,278 shares of the company's stock, valued at $80,047,510.42. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,128 shares of company stock valued at $4,980,404. Insiders own 36.00% of the company's stock.

Institutional Investors Weigh In On Maplebear

Large investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear during the 3rd quarter worth $33,000. Huntington National Bank acquired a new position in shares of Maplebear during the third quarter worth about $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear in the third quarter worth about $74,000. Quarry LP grew its stake in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company's stock valued at $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Maplebear in the third quarter valued at about $212,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Company Profile

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.