Maplebear's (CART) "Hold (C+)" Rating Reaffirmed at Weiss Ratings

Key Points

• Maplebear's stock has been reaffirmed with a "hold (C+)" rating by Weiss Ratings, while other analysts have varied views, with some upgrading it to a "buy" or "strong-buy" rating.
• The company reported a strong quarterly earnings performance, with $0.41 EPS which exceeds analysts' expectations and year-over-year revenue growth of 11.1%.
• Insider trading activity has seen significant sales, with key executives reducing their share holdings recently, while institutional ownership remains high at 63.09%.

Maplebear (NASDAQ:CART - Get Free Report)'s stock had its "hold (c+)" rating reiterated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

A number of other research analysts have also recently weighed in on the stock. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price objective for the company in a research note on Friday, August 8th. Fox Advisors raised shares of Maplebear from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Wells Fargo & Company dropped their price objective on shares of Maplebear from $57.00 to $47.00 and set an "equal weight" rating for the company in a research note on Friday, October 3rd. BTIG Research reissued a "neutral" rating and set a $55.00 price objective on shares of Maplebear in a research note on Tuesday, September 30th. Finally, Citigroup lifted their target price on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $53.42.

Maplebear Price Performance

Shares of CART stock traded up $0.54 during midday trading on Tuesday, reaching $39.27. 1,290,126 shares of the company traded hands, compared to its average volume of 4,700,011. The firm's 50 day simple moving average is $43.67 and its two-hundred day simple moving average is $44.27. Maplebear has a 1-year low of $34.87 and a 1-year high of $53.50. The firm has a market cap of $10.35 billion, a PE ratio of 22.69, a price-to-earnings-growth ratio of 1.18 and a beta of 1.10.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results 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 net margin of 13.76% and a return on equity of 15.69%. The company had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. During the same period last year, the firm earned $0.20 EPS. The company's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts anticipate that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, CEO Chris Rogers sold 9,259 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the sale, the chief executive officer directly owned 739,880 shares of the company's stock, valued at $31,348,715.60. The trade was a 1.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider directly owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,972,134 shares of company stock worth $237,530,070. 26.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

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

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.

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