Maplebear (NASDAQ:CART) Stock Rating Upgraded by Rosenblatt Securities

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

A number of other equities research analysts have also issued reports on the company. Barclays upped their target price on Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Needham & Company LLC raised their price target on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Cantor Fitzgerald boosted their price target on Maplebear from $56.00 to $63.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Wells Fargo & Company upped their price objective on Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Finally, Wedbush began coverage on Maplebear in a research note on Thursday, July 16th. They set an “outperform” rating and a $59.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.86.

Maplebear Price Performance

Shares of NASDAQ CART opened at $50.05 on Monday. Maplebear has a 12-month low of $32.73 and a 12-month high of $52.05. The company has a market capitalization of $11.59 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 0.98 and a beta of 0.78. The firm’s 50-day moving average is $47.55 and its two-hundred day moving average is $42.48.

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

Insider Activity at Maplebear

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction that occurred 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 completion of the sale, the insider directly owned 529,911 shares of the company’s stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. 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. Corporate insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently made changes to their positions in CART. Beacon Pointe Advisors LLC acquired a new position in Maplebear in the second quarter valued at $9,006,000. Bank of America Corp DE lifted its position in Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after buying an additional 221,036 shares during the period. Geode Capital Management LLC boosted its stake in Maplebear by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after buying an additional 54,010 shares during the last quarter. Paragon Capital Management Inc. acquired a new stake in Maplebear in the 1st quarter worth about $1,256,000. Finally, NFJ Investment Group LLC purchased a new stake in Maplebear in the 4th quarter valued at about $36,240,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.