Maplebear (NASDAQ:CART) Upgraded at BNP Paribas

BNP Paribas upgraded shares of Maplebear (NASDAQ:CART) to a strong sell rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other research analysts have also issued reports on the stock. Fox Advisors lowered shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Benchmark decreased their target price on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Wells Fargo & Company dropped their price target on Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, October 3rd. BTIG Research restated a “neutral” rating and issued a $55.00 price target on shares of Maplebear in a research note on Tuesday, September 30th. Finally, BNP Paribas Exane started coverage on Maplebear in a research note on Wednesday. They set an “underperform” rating and a $41.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $51.73.

Maplebear Stock Down 1.0%

CART opened at $39.41 on Wednesday. Maplebear has a 52 week low of $34.78 and a 52 week high of $53.50. The stock has a market cap of $10.35 billion, a PE ratio of 21.65, a PEG ratio of 1.02 and a beta of 0.97. The business has a 50 day moving average of $42.92 and a 200-day moving average of $43.42.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. Equities analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Maplebear by 7.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock valued at $47,055,000 after purchasing an additional 72,643 shares during the period. Champlain Investment Partners LLC boosted its stake in Maplebear by 64.4% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock worth $97,583,000 after purchasing an additional 845,070 shares during the period. Sentry Investment Management LLC purchased a new stake in Maplebear during the 2nd quarter valued at approximately $391,000. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Maplebear by 261.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company’s stock valued at $4,518,000 after buying an additional 72,265 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Maplebear during the second quarter valued at approximately $97,351,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

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.