Maplebear (NASDAQ:CART) Upgraded to “Strong Sell” at BNP Paribas

BNP Paribas upgraded shares of Maplebear (NASDAQ:CART) to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on CART. Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Fox Advisors lowered Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Argus assumed coverage on Maplebear in a research report on Wednesday, January 7th. They set a “buy” rating and a $52.00 price target for the company. Guggenheim began coverage on Maplebear in a research report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective on the stock. Finally, BMO Capital Markets raised Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a research report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.73.

Maplebear Trading Down 1.0%

CART stock opened at $39.41 on Wednesday. The stock has a 50-day moving average price of $42.87 and a 200-day moving average price of $43.46. Maplebear has a 1-year low of $34.78 and a 1-year high of $53.50. The firm has a market cap of $10.35 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97.

Maplebear (NASDAQ:CART) last announced its earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. The company had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. On average, analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently made changes to their positions in the stock. State Street Corp grew its position in shares of Maplebear by 1.3% in the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock valued at $230,809,000 after purchasing an additional 66,588 shares in the last quarter. Boston Partners boosted its stake in Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after purchasing an additional 1,911,771 shares during the period. Viking Global Investors LP purchased a new position in Maplebear during the 2nd quarter valued at about $169,782,000. William Blair Investment Management LLC bought a new stake in shares of Maplebear during the second quarter valued at about $151,364,000. Finally, Federated Hermes Inc. increased its position in shares of Maplebear by 12.3% during the second quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock valued at $143,842,000 after buying an additional 347,153 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.