Maplebear’s (CART) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Maplebear (NASDAQ:CART) in a report published on Thursday morning,Benzinga reports. The brokerage currently has a $55.00 price objective on the stock.

Several other research firms have also commented on CART. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Loop Capital lifted their price objective on Maplebear from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Citigroup raised their price target on shares of Maplebear from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Bank of America upped their target price on Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Finally, Oppenheimer cut their price target on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Thirteen analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average price target of $51.91.

Maplebear Price Performance

Shares of CART stock opened at $44.08 on Thursday. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44. The company has a market cap of $11.57 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The stock’s fifty day moving average price is $43.63 and its 200 day moving average price is $43.73.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $897.00 million during the quarter, compared to analysts’ expectations of $896.86 million. During the same quarter last year, the business earned $0.43 EPS. The business’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the company’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director now directly owns 20,829 shares of the company’s stock, valued at $988,336.05. This represents a 16.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $42.57, for a total transaction of $223,449.93. Following the transaction, the general counsel now owns 484,292 shares in the company, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,640 shares of company stock valued at $843,579 in the last quarter. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in CART. Wilmington Savings Fund Society FSB raised its position in Maplebear by 120.2% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,795 shares of the company’s stock worth $74,000 after acquiring an additional 980 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after purchasing an additional 420 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Maplebear by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 8,554 shares of the company’s stock valued at $354,000 after buying an additional 440 shares during the period. Kornitzer Capital Management Inc. KS grew its holdings in Maplebear by 19.5% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 245,000 shares of the company’s stock valued at $10,148,000 after purchasing an additional 40,000 shares during the period. Finally, Atria Wealth Solutions Inc. grew its position in Maplebear by 10.8% during the fourth quarter. Atria Wealth Solutions Inc. now owns 17,765 shares of the company’s stock valued at $736,000 after acquiring an additional 1,738 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.