Benchmark Reaffirms “Hold” Rating for Maplebear (NASDAQ:CART)

Benchmark reaffirmed their hold rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Tuesday morning, Benzinga reports.

Several other brokerages have also recently commented on CART. Piper Sandler raised their price objective on shares of Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a research note on Friday, March 15th. Barclays raised their price objective on Maplebear from $40.00 to $41.00 and gave the company an overweight rating in a research note on Wednesday, February 14th. Morgan Stanley raised their price target on Maplebear from $28.00 to $40.00 and gave the company an equal weight rating in a research report on Monday. BMO Capital Markets initiated coverage on shares of Maplebear in a report on Tuesday, January 9th. They issued a market perform rating and a $26.00 price target on the stock. Finally, Oppenheimer raised their price objective on shares of Maplebear from $36.00 to $48.00 and gave the stock an outperform rating in a research note on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Maplebear currently has an average rating of Moderate Buy and an average price target of $40.89.

Maplebear Stock Down 3.7 %

Shares of CART opened at $36.09 on Tuesday. The stock’s 50 day moving average is $36.17 and its two-hundred day moving average is $29.15. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The business’s revenue was up 8.0% compared to the same quarter last year. As a group, analysts anticipate that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, major shareholder Us (Ttgp) Ltd. Sc acquired 438,361 shares of the stock in a transaction on Thursday, February 22nd. The stock was bought at an average price of $29.69 per share, with a total value of $13,014,938.09. Following the completion of the transaction, the insider now directly owns 2,012,859 shares of the company’s stock, valued at $59,761,783.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. SC US Ttgp LTD. purchased a new stake in shares of Maplebear during the third quarter worth about $1,180,490,000. KPCB DGF II Associates LLC purchased a new stake in Maplebear during the 3rd quarter worth approximately $119,544,000. Canaan Partners IX LLC acquired a new position in shares of Maplebear in the 4th quarter valued at approximately $87,508,000. Norges Bank purchased a new position in shares of Maplebear during the 4th quarter valued at approximately $78,674,000. Finally, Technology Crossover Management XI Ltd. purchased a new position in shares of Maplebear during the 3rd quarter valued at approximately $80,163,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.