Benchmark Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

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

Other equities analysts have also recently issued reports about the company. Piper Sandler upped their price objective on Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a research report on Friday, March 15th. BMO Capital Markets began coverage on Maplebear in a research report on Tuesday, January 9th. They set a market perform rating and a $26.00 price objective on the stock. Loop Capital initiated coverage on Maplebear in a research report on Friday, April 19th. They issued a buy rating and a $46.00 target price for the company. Macquarie began coverage on shares of Maplebear in a report on Monday, March 25th. They set an outperform rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a report on Monday, March 25th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $39.42.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $37.52 on Tuesday. The business has a fifty day moving average price of $35.93 and a 200-day moving average price of $29.00. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that Maplebear will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 12,178 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $34.90, for a total value of $425,012.20. Following the completion of the transaction, the chief accounting officer now directly owns 118,142 shares in the company, valued at $4,123,155.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Maplebear news, CAO Alan Ramsay sold 12,178 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $34.90, for a total transaction of $425,012.20. Following the sale, the chief accounting officer now directly owns 118,142 shares of the company’s stock, valued at $4,123,155.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 82,461 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the transaction, the chief executive officer now directly owns 926,654 shares of the company’s stock, valued at approximately $35,277,717.78. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the last quarter. Signaturefd LLC purchased a new stake in Maplebear in the 3rd quarter worth $30,000. Cantor Fitzgerald L. P. boosted its holdings in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in shares of Maplebear during the fourth quarter valued at about $69,000. Finally, Amalgamated Bank purchased a new position in shares of Maplebear during the fourth quarter valued at about $94,000. 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.