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

Needham & Company LLC restated their hold rating on shares of Maplebear (NASDAQ:CART - Free Report) in a research note published on Wednesday morning,Benzinga reports.

Several other equities research analysts have also issued reports on CART. Benchmark reaffirmed a "hold" rating on shares of Maplebear in a research note on Wednesday, August 7th. BMO Capital Markets lifted their price objective on shares of Maplebear from $36.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Oppenheimer lifted their price objective on shares of Maplebear from $48.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Finally, Piper Sandler boosted their target price on shares of Maplebear from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.95.

Maplebear Stock Down 11.0 %

Shares of Maplebear stock traded down $5.32 on Wednesday, hitting $43.02. 11,841,116 shares of the company traded hands, compared to its average volume of 3,967,173. The company has a 50-day moving average price of $41.66 and a 200 day moving average price of $36.46. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01. The company has a market cap of $11.22 billion, a PE ratio of 28.87, a PEG ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business had revenue of $852.00 million for the quarter, compared to analysts' expectations of $844.03 million. During the same period in the previous year, the company posted ($20.86) EPS. Maplebear's revenue was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Maplebear will post 1.17 EPS for the current year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares of the company's stock, valued at approximately $13,235,440. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The stock was 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 directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 over the last quarter. Insiders own 36.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in Maplebear during the 3rd quarter valued at $158,701,000. Sculptor Capital LP bought a new stake in shares of Maplebear during the 2nd quarter valued at $77,361,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company's stock valued at $60,689,000 after buying an additional 1,461,501 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company's stock valued at $55,739,000 after buying an additional 876,439 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Maplebear during the 1st quarter valued at $28,674,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.