Maplebear (NASDAQ:CART) Stock Rating Upgraded by Guggenheim

Key Points

• Guggenheim has upgraded Maplebear (NASDAQ:CART) to a "hold" rating, reflecting a shift in investor sentiment.
• Maplebear's recent earnings report showed an EPS of $0.41, surpassing expectations, with a revenue of $914 million, up 11.1% year-over-year.
• Overall analyst ratings for Maplebear indicate a "Moderate Buy" consensus, with a target price averaging $52.88.

Maplebear (NASDAQ:CART - Get Free Report) was upgraded by Guggenheim to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Sanford C. Bernstein lifted their target price on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Jefferies Financial Group lifted their target price on Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, August 11th. Needham & Company LLC lifted their target price on Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a report on Friday, August 8th. Stifel Nicolaus reduced their target price on Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Finally, Bank of America lifted their target price on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $52.88.

Maplebear Stock Performance

Shares of Maplebear stock opened at $39.55 on Tuesday. Maplebear has a 52-week low of $34.87 and a 52-week high of $53.50. The stock's 50-day simple moving average is $43.33 and its 200 day simple moving average is $44.20. The stock has a market capitalization of $10.42 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.21 and a beta of 1.10.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. During the same period in the previous year, the business posted $0.20 EPS. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares of the company's stock, valued at approximately $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold 4,972,134 shares of company stock valued at $237,530,070 in the last ninety days. Insiders own 26.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Maplebear by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock worth $658,777,000 after buying an additional 546,472 shares during the last quarter. Victory Capital Management Inc. lifted its position in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after buying an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock worth $208,505,000 after buying an additional 482,327 shares during the last quarter. State Street Corp lifted its position in Maplebear by 1.3% in the 2nd quarter. State Street Corp now owns 5,101,870 shares of the company's stock worth $230,809,000 after buying an additional 66,588 shares during the last quarter. Finally, Boston Partners lifted its position in Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company's stock worth $179,261,000 after buying an additional 1,911,771 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

About Maplebear

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.