Maplebear (NASDAQ:CART) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Maplebear (NASDAQ:CART) in a research note released on Tuesday morning, Benzinga reports.

Several other equities research analysts have also weighed in on CART. Morgan Stanley assumed coverage on Maplebear in a research note on Tuesday, January 30th. They issued an equal weight rating and a $28.00 price objective on the stock. Moffett Nathanson reiterated a neutral rating and issued a $37.00 price objective (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Fox Advisors lowered Maplebear from an overweight rating to an equal weight rating in a research note on Monday, April 1st. Benchmark lowered Maplebear from a buy rating to a hold rating in a research note on Tuesday, January 23rd. Finally, Barclays upped their price objective on Maplebear from $40.00 to $41.00 and gave the company 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 stock. According to MarketBeat, Maplebear presently has a consensus rating of Moderate Buy and an average price target of $38.16.

Maplebear Stock Performance

Shares of CART opened at $33.42 on Tuesday. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95. The stock’s 50-day moving average price is $34.71 and its 200 day moving average price is $28.36.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts predict that Maplebear will post 0.53 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction dated 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 purchase, 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 filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction dated 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 purchase, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now directly owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. In the last quarter, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,008,592 shares valued at $28,770,988.

Institutional Trading of Maplebear

A number of large investors have recently made changes to their positions in the company. Sapient Capital LLC bought a new stake in shares of Maplebear in the 1st quarter valued at $3,440,000. Sivia Capital Partners LLC bought a new stake in shares of Maplebear in the 1st quarter valued at $369,000. Udine Wealth Management Inc. bought a new stake in shares of Maplebear in the 1st quarter valued at $2,109,000. Ironwood Financial llc bought a new stake in shares of Maplebear in the 1st quarter valued at $337,000. Finally, Hodges Capital Management Inc. bought a new stake in shares of Maplebear in the 1st quarter valued at $6,211,000. Institutional investors 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.