Needham & Company LLC Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports.

CART has been the subject of several other reports. Moffett Nathanson restated a “neutral” rating and set a $37.00 price target (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Fox Advisors lowered Maplebear from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 1st. Oppenheimer upped their price target on Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a research note on Monday, April 29th. Wolfe Research upped their price target on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Finally, Macquarie initiated coverage on Maplebear in a report on Monday, March 25th. They set an “outperform” rating and a $42.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.42.

Maplebear Stock Performance

Maplebear stock traded up $0.85 during trading on Tuesday, hitting $37.38. The company’s stock had a trading volume of 3,041,860 shares, compared to its average volume of 4,041,278. The stock’s fifty day moving average is $35.93 and its 200 day moving average is $29.00. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Maplebear will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares in the company, valued at $28,923,455.70. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the purchase, the insider now 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 quarter, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Large investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear in the 1st quarter worth approximately $213,000. SG Americas Securities LLC acquired a new position in shares of Maplebear in the 1st quarter worth approximately $31,109,000. Embree Financial Group acquired a new position in shares of Maplebear in the 1st quarter worth approximately $323,000. GSA Capital Partners LLP acquired a new position in shares of Maplebear in the 1st quarter worth approximately $1,673,000. Finally, Capstone Investment Advisors LLC grew its stake in shares of Maplebear by 37.7% in the 1st quarter. Capstone Investment Advisors LLC now owns 172,134 shares of the company’s stock worth $6,419,000 after purchasing an additional 47,134 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.