Maplebear (NASDAQ:CART) Upgraded to Hold at Rosenblatt Securities

Maplebear (NASDAQ:CART) was upgraded by Rosenblatt Securities to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts also recently weighed in on CART. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Oppenheimer upped their price target on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. BNP Paribas Exane upgraded shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a research note on Friday, August 7th. Needham & Company LLC lifted their price objective on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Barclays upped their target price on shares of Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.86.

Maplebear Stock Performance

Maplebear stock opened at $50.05 on Monday. The company has a market capitalization of $11.59 billion, a P/E ratio of 27.35, a PEG ratio of 0.98 and a beta of 0.78. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $52.05. The stock has a 50-day simple moving average of $47.55 and a 200-day simple moving average of $42.48.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 EPS. As a group, analysts forecast that Maplebear will post 2.33 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the transaction, the director directly owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. PenderFund Capital Management Ltd. acquired a new stake in Maplebear in the fourth quarter valued at about $27,000. Pinnacle Bancorp Inc. purchased a new position in shares of Maplebear during the 1st quarter worth approximately $25,000. Allworth Financial LP lifted its holdings 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 buying an additional 244 shares during the period. IFP Advisors Inc lifted 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 buying an additional 845 shares during the period. Finally, Sunbelt Securities Inc. boosted its stake in shares of Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after buying an additional 787 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.