Maplebear’s (CART) “Neutral” Rating Reaffirmed at BTIG Research

BTIG Research reaffirmed their neutral rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. BTIG Research currently has a $55.00 price target on the stock.

CART has been the subject of several other research reports. Citigroup raised their target price on shares of Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Stifel Nicolaus reduced their target price on shares of Maplebear from $64.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Wedbush restated an “underperform” rating and issued a $42.00 target price (down previously from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Wells Fargo & Company raised their target price on shares of Maplebear from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Friday, September 5th. Finally, Bank of America raised their price objective on shares of Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.96.

Maplebear Stock Performance

CART stock opened at $36.76 on Tuesday. Maplebear has a one year low of $34.87 and a one year high of $53.50. The stock has a market capitalization of $9.68 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.22. The company has a fifty day moving average of $45.37 and a 200-day moving average of $44.33.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company had revenue of $914.00 million during the quarter, compared to analysts’ expectations of $896.55 million. During the same quarter last year, the business earned $0.20 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 66,560 shares of Maplebear stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the completion of the transaction, the chief executive officer owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel owned 452,000 shares of the company’s stock, valued at approximately $22,220,320. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last quarter. 26.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock worth $14,862,000 after acquiring an additional 363,824 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $82,000 after acquiring an additional 322 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock worth $246,000 after acquiring an additional 433 shares during the last quarter. Golden State Wealth Management LLC raised its position in Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock worth $43,000 after acquiring an additional 533 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Maplebear by 542.8% during the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company’s stock worth $4,058,000 after buying an additional 85,896 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

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.