Maplebear (NASDAQ:CART) Earns Hold Rating from Benchmark

Benchmark restated their hold rating on shares of Maplebear (NASDAQ:CART) in a research report report published on Tuesday, Benzinga reports.

CART has been the topic of a number of other research reports. Wolfe Research upped their price target on shares of Maplebear from $35.00 to $39.00 and gave the company an outperform rating in a research note on Tuesday, March 5th. Oppenheimer raised their target price on Maplebear from $36.00 to $48.00 and gave the stock an outperform rating in a research note on Monday, April 29th. JPMorgan Chase & Co. boosted their price target on Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a research note on Monday, March 25th. Moffett Nathanson reaffirmed a neutral rating and set a $37.00 target price (up previously from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Finally, Loop Capital started coverage on shares of Maplebear in a research note on Friday, April 19th. They set a buy rating and a $46.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $40.89.

Maplebear Price Performance

CART opened at $36.09 on Tuesday. The stock has a fifty day moving average price of $36.17 and a 200-day moving average price of $29.15. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. Analysts expect that Maplebear will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 3,236 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $35.09, for a total value of $113,551.24. Following the completion of the sale, the chief executive officer now directly owns 2,125,301 shares in the company, valued at $74,576,812.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the acquisition, the insider now owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 3,236 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $35.09, for a total transaction of $113,551.24. Following the sale, the chief executive officer now directly owns 2,125,301 shares of the company’s stock, valued at approximately $74,576,812.09. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. Lord Abbett & CO. LLC purchased a new stake in Maplebear in the 1st quarter valued at $28,674,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Maplebear during the 1st quarter valued at about $6,462,000. Russell Investments Group Ltd. purchased a new stake in shares of Maplebear in the first quarter valued at about $1,663,000. Donoghue Forlines LLC acquired a new stake in Maplebear during the first quarter worth about $262,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Maplebear during the first quarter worth about $213,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.