Maplebear (NASDAQ:CART) Upgraded at Rosenblatt Securities

Maplebear (NASDAQ:CART) was upgraded by research analysts at Rosenblatt Securities to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other brokerages also recently weighed in on CART. Benchmark upped their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wedbush began coverage on shares of Maplebear in a research report on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price target for the company. Cantor Fitzgerald boosted their price target on shares of Maplebear from $56.00 to $63.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Citigroup upped their price objective on Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Needham & Company LLC increased their price objective on Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $55.86.

Maplebear Trading Down 0.9%

CART opened at $50.05 on Monday. The stock’s 50-day moving average price is $47.55 and its 200 day moving average price is $42.48. Maplebear has a 12-month low of $32.73 and a 12-month high of $52.05. The firm has a market cap of $11.59 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 0.98 and a beta of 0.78.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. On average, research analysts forecast that Maplebear will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the sale, the insider directly owned 529,911 shares in the company, valued at approximately $26,474,353.56. This trade represents a 3.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 24.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Bancorp Inc. acquired a new stake in shares of Maplebear during the 1st quarter worth about $25,000. PenderFund Capital Management Ltd. purchased a new position in Maplebear in the fourth quarter valued at approximately $27,000. Allworth Financial LP increased its stake in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc raised its holdings in Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its holdings in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.