Maplebear (NASDAQ:CART) Given “Hold” Rating at Benchmark

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reiterated by Benchmark in a research note issued to investors on Wednesday,Benzinga reports.

Several other research firms also recently weighed in on CART. Piper Sandler raised their target price on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Mizuho initiated coverage on Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price objective on the stock. Robert W. Baird upped their target price on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Maplebear in a research note on Wednesday. Finally, Loop Capital lifted their price objective on Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.60.

Maplebear Stock Down 9.9 %

CART stock opened at $43.97 on Wednesday. The business has a 50 day moving average price of $46.46 and a 200 day moving average price of $42.68. The stock has a market cap of $11.30 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 1.19 and a beta of 1.07. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.16. The business had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. As a group, sell-side analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the completion of the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,311 shares of company stock valued at $1,088,636. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds have recently modified their holdings of the business. Portman Ltd purchased a new stake in Maplebear in the 3rd quarter worth about $3,196,000. State Street Corp lifted its position in shares of Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares in the last quarter. Cerity Partners LLC purchased a new stake in Maplebear in the 3rd quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares during the last quarter. Finally, Zacks Investment Management bought a new position in shares of Maplebear in the 3rd quarter valued at approximately $4,853,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.