Maplebear (NASDAQ:CART) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Maplebear (NASDAQ:CART) in a report published on Tuesday, Benzinga reports.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley began coverage on Maplebear in a report on Tuesday, January 30th. They issued an equal weight rating and a $28.00 target price for the company. Wolfe Research lifted their target price on shares of Maplebear from $35.00 to $39.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. Robert W. Baird upped their price target on shares of Maplebear from $31.00 to $44.00 and gave the company an outperform rating in a research report on Monday, April 1st. Wedbush cut their price target on shares of Maplebear from $30.00 to $26.00 and set a neutral rating on the stock in a report on Wednesday, December 27th. Finally, JPMorgan Chase & Co. increased their price objective on Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a report on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Maplebear currently has an average rating of Moderate Buy and a consensus target price of $38.16.

Maplebear Trading Up 0.8 %

Maplebear stock opened at $34.54 on Tuesday. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95. The business’s 50-day moving average price is $35.01 and its two-hundred day moving average price is $28.45.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million during the quarter, compared to the consensus estimate of $804.62 million. Maplebear’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear will post 0.53 EPS for the current year.

Insider Activity

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now owns 20,783 shares in the company, valued at $540,565.83. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the purchase, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. In the last three months, insiders bought 2,157,745 shares of company stock worth $61,771,955 and sold 1,027,279 shares worth $29,422,416. 4.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of the company. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST purchased a new position in Maplebear during the third quarter worth about $105,469,000. TD Asset Management Inc bought a new position in shares of Maplebear in the third quarter valued at approximately $6,640,000. Levin Capital Strategies L.P. purchased a new stake in shares of Maplebear during the third quarter valued at approximately $846,000. Industry Ventures L.L.C. bought a new stake in Maplebear during the third quarter worth $7,796,000. Finally, EFG Asset Management North America Corp. purchased a new position in Maplebear in the third quarter worth $270,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.