Needham & Company LLC Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

Needham & Company LLC reiterated their hold rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Tuesday morning, Benzinga reports.

A number of other brokerages have also issued reports on CART. Macquarie initiated coverage on Maplebear in a research report on Monday, March 25th. They issued an outperform rating and a $42.00 target price on the stock. BMO Capital Markets assumed coverage on shares of Maplebear in a research note on Tuesday, January 9th. They set a market perform rating and a $26.00 price objective on the stock. Loop Capital initiated coverage on shares of Maplebear in a research report on Friday, April 19th. They issued a buy rating and a $46.00 target price for the company. Piper Sandler increased their price target on shares of Maplebear from $36.00 to $45.00 and gave the stock an overweight rating in a research report on Friday, March 15th. Finally, Benchmark lowered Maplebear from a buy rating to a hold rating in a report on Tuesday, January 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $38.16.

Maplebear Stock Performance

NASDAQ CART opened at $34.54 on Tuesday. The business has a 50 day moving average price of $35.01 and a two-hundred day moving average price of $28.45. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The company’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Maplebear will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Fidji Simo sold 82,461 shares of Maplebear stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total transaction of $3,139,290.27. Following the sale, the chief executive officer now owns 926,654 shares of the company’s stock, valued at $35,277,717.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Fidji Simo sold 82,461 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the transaction, the chief executive officer now directly owns 926,654 shares in the company, valued at $35,277,717.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now directly owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. In the last 90 days, insiders bought 2,157,745 shares of company stock worth $61,771,955 and sold 1,027,279 shares worth $29,422,416. 4.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SC US Ttgp LTD. bought a new position in shares of Maplebear during the 3rd quarter valued at about $1,180,490,000. KPCB DGF II Associates LLC acquired a new position in Maplebear in the third quarter worth approximately $119,544,000. Canaan Partners IX LLC bought a new position in shares of Maplebear in the fourth quarter valued at $87,508,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST acquired a new stake in shares of Maplebear during the 3rd quarter valued at $105,469,000. Finally, Norges Bank bought a new stake in shares of Maplebear during the 4th quarter worth $78,674,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.