Citizens Jmp Reaffirms Market Outperform Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “market outperform” rating reiterated by research analysts at Citizens Jmp in a research report issued on Monday,Benzinga reports. They presently have a $60.00 price target on the stock. Citizens Jmp’s price objective indicates a potential upside of 42.35% from the company’s previous close.

Other equities analysts have also issued reports about the company. Argus upgraded Maplebear to a “strong-buy” rating in a research report on Thursday, March 5th. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Jefferies Financial Group upgraded shares of Maplebear from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $45.00 in a report on Monday, March 30th. Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company raised their price objective on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.09.

Maplebear Stock Performance

CART stock traded up $0.91 during midday trading on Monday, hitting $42.15. 346,381 shares of the company’s stock were exchanged, compared to its average volume of 4,583,435. Maplebear has a one year low of $32.73 and a one year high of $53.50. The company has a market cap of $9.91 billion, a PE ratio of 23.49, a price-to-earnings-growth ratio of 0.57 and a beta of 0.88. The stock’s fifty day moving average price is $40.98 and its 200-day moving average price is $40.27.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.37 earnings per share. On average, analysts expect that Maplebear will post 2.45 EPS for the current year.

Insider Buying and Selling

In related news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the company’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total transaction of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the transaction, the director directly owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 24.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pinnacle Bancorp Inc. bought a new position in shares of Maplebear in the first quarter valued at $25,000. PenderFund Capital Management Ltd. acquired a new stake in Maplebear in the fourth quarter valued at $27,000. Allworth Financial LP grew its position in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares during the period. Abich Financial Wealth Management LLC acquired a new position in shares of Maplebear during the 3rd quarter worth about $43,000. Finally, IFP Advisors Inc raised its holdings in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.