Maplebear’s (CART) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Maplebear (NASDAQ:CART) in a report issued on Thursday,Benzinga reports. JMP Securities currently has a $55.00 price objective on the stock.

A number of other brokerages have also weighed in on CART. Wells Fargo & Company cut their target price on shares of Maplebear from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Thursday, April 3rd. BMO Capital Markets increased their price target on shares of Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $56.00 price objective on shares of Maplebear in a report on Friday, May 2nd. Stifel Nicolaus dropped their price objective on Maplebear from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a report on Wednesday, February 26th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average price target of $51.91.

Maplebear Trading Down 0.2%

Shares of Maplebear stock opened at $44.08 on Thursday. Maplebear has a 12-month low of $29.84 and a 12-month high of $53.44. The company has a market capitalization of $11.57 billion, a P/E ratio of 29.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The stock has a fifty day simple moving average of $43.63 and a 200 day simple moving average of $43.73.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The business had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 earnings per share. On average, analysts predict that Maplebear will post 1.43 EPS for the current year.

Insider Activity

In other news, General Counsel Morgan Fong sold 5,249 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company’s stock, valued at $20,616,310.44. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director now directly owns 20,829 shares of the company’s stock, valued at $988,336.05. The trade was a 16.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,640 shares of company stock worth $843,579 over the last 90 days. 26.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in shares of Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Boston Partners purchased a new position in shares of Maplebear during the 4th quarter worth about $111,506,000. Altimeter Capital Management LP purchased a new position in shares of Maplebear during the fourth quarter valued at approximately $105,108,000. Vanguard Group Inc. grew its position in Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after acquiring an additional 2,300,288 shares during the last quarter. Finally, Norges Bank purchased a new position in Maplebear in the 4th quarter worth about $95,162,000. 63.09% of the stock is currently owned by 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.