Maplebear (NASDAQ:CART) Earns Market Outperform Rating from JMP Securities

Maplebear (NASDAQ:CART)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a report released on Thursday,Benzinga reports. They currently have a $55.00 target price on the stock. JMP Securities’ target price suggests a potential upside of 26.82% from the company’s previous close.

CART has been the topic of several other research reports. Stifel Nicolaus cut their price objective on Maplebear from $57.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price objective on shares of Maplebear in a research note on Wednesday, February 26th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, February 26th. Mizuho lowered their target price on Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Finally, Oppenheimer lowered their target price on Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Thirteen equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $51.91.

Maplebear Stock Performance

NASDAQ:CART opened at $43.37 on Thursday. Maplebear has a one year low of $29.84 and a one year high of $53.44. The business’s 50-day simple moving average is $43.76 and its 200 day simple moving average is $43.73. The stock has a market cap of $11.39 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. During the same quarter in the previous year, the company earned $0.43 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 8,133 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $41.60, for a total transaction of $338,332.80. Following the completion of the sale, the chief executive officer now directly owns 1,646,426 shares of the company’s stock, valued at $68,491,321.60. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the sale, the director now directly owns 20,829 shares of the company’s stock, valued at approximately $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,640 shares of company stock valued at $843,579 in the last three months. 26.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

A number of hedge funds have recently modified their holdings of CART. Proathlete Wealth Management LLC purchased a new stake in shares of Maplebear in the first quarter valued at $26,000. Jones Financial Companies Lllp lifted its holdings in shares of Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after purchasing an additional 717 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock valued at $40,000 after purchasing an additional 905 shares in the last quarter. 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.