Rosenblatt Securities Initiates Coverage on Maplebear (NASDAQ:CART)

Analysts at Rosenblatt Securities assumed coverage on shares of Maplebear (NASDAQ:CART) in a research note issued on Tuesday, Benzinga reports. The brokerage set a “neutral” rating and a $55.00 price target on the stock. Rosenblatt Securities’ price target suggests a potential upside of 8.87% from the company’s previous close.

CART has been the subject of several other reports. Barclays lifted their price objective on Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Guggenheim raised their target price on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Wedbush initiated coverage on Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Finally, Needham & Company LLC raised their price target on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $55.86.

Maplebear Price Performance

CART opened at $50.52 on Tuesday. The firm has a 50 day simple moving average of $47.47 and a 200 day simple moving average of $42.35. The company has a market cap of $11.70 billion, a price-to-earnings ratio of 27.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $52.05.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, analysts expect that Maplebear will post 2.33 EPS for the current year.

Insider Activity

In other Maplebear news, insider Morgan Fong sold 18,390 shares of the company’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 of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The transaction 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 completion of the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. 24.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Beacon Pointe Advisors LLC purchased a new stake in shares of Maplebear in the 2nd quarter valued at $9,006,000. Bank of America Corp DE lifted its position in shares of Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after purchasing an additional 221,036 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares during the period. Paragon Capital Management Inc. acquired a new position in shares of Maplebear in the first quarter valued at approximately $1,256,000. Finally, NFJ Investment Group LLC purchased a new stake in Maplebear during the 4th quarter worth approximately $36,240,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.