Maplebear’s (CART) Market Outperform Rating Reaffirmed at Citizens Jmp

Maplebear (NASDAQ:CART)‘s stock had its “market outperform” rating restated by equities research analysts at Citizens Jmp in a report issued on Monday,Benzinga reports. They currently have a $60.00 price target on the stock. Citizens Jmp’s price target would suggest a potential upside of 42.35% from the company’s current price.

CART has been the subject of a number of other research reports. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and upped their target price for the stock from $38.00 to $45.00 in a research report on Monday, March 30th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of Maplebear in a research report on Thursday, May 7th. Barclays upped their price target on shares of Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Raymond James Financial upgraded Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $51.09.

Maplebear Stock Performance

Shares of NASDAQ CART traded up $0.91 during mid-day trading on Monday, reaching $42.15. The company had a trading volume of 346,381 shares, compared to its average volume of 4,583,435. The stock has a market capitalization of $9.91 billion, a PE ratio of 23.49, a price-to-earnings-growth ratio of 0.57 and a beta of 0.88. Maplebear has a twelve month low of $32.73 and a twelve month high of $53.50. The stock’s 50 day moving average is $40.98 and its 200-day moving average is $40.27.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 EPS. On average, sell-side analysts anticipate that Maplebear will post 2.45 EPS for the current year.

Insider Transactions at Maplebear

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares of the company’s stock, valued at $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. JPMorgan Chase & Co. grew its position in shares of Maplebear by 27.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,968 shares of the company’s stock worth $48,853,000 after buying an additional 288,839 shares during the period. Kingdon Capital Management L.L.C. boosted its stake in Maplebear by 40.6% during the 3rd quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company’s stock worth $16,542,000 after acquiring an additional 130,000 shares during the last quarter. US Bancorp DE grew its holdings in Maplebear by 17.0% during the fourth quarter. US Bancorp DE now owns 437,658 shares of the company’s stock valued at $19,686,000 after purchasing an additional 63,666 shares during the period. Ruffer LLP bought a new stake in Maplebear in the fourth quarter valued at approximately $2,567,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in Maplebear in the third quarter valued at approximately $2,239,000. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.