Maplebear’s (CART) “Hold” Rating Reiterated at Needham & Company LLC

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reiterated by stock analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports.

A number of other research firms also recently weighed in on CART. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Tuesday. Fox Advisors cut shares of Maplebear from an “overweight” rating to an “equal weight” rating in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their price objective on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, March 25th. BMO Capital Markets assumed coverage on Maplebear in a research report on Tuesday, January 9th. They issued a “market perform” rating and a $26.00 price target on the stock. Finally, Barclays increased their price objective on shares of Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $39.42.

Maplebear Trading Up 2.3 %

Shares of NASDAQ CART traded up $0.85 during trading hours on Tuesday, hitting $37.38. The company had a trading volume of 3,041,860 shares, compared to its average volume of 4,041,278. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95. The firm’s 50 day moving average is $35.93 and its 200-day moving average is $29.00.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Maplebear will post 0.53 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the acquisition, the insider now owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Nick Giovanni sold 900 shares of Maplebear stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.00, for a total value of $31,500.00. Following the transaction, the chief financial officer now directly owns 591,077 shares in the company, valued at $20,687,695. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Capital LLC lifted its holdings in Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after buying an additional 607 shares during the period. Parallel Advisors LLC lifted its stake in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the period. Signaturefd LLC bought a new stake in Maplebear in the third quarter worth approximately $30,000. Cantor Fitzgerald L. P. lifted its stake in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Maplebear during the 4th quarter worth approximately $69,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

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.