Maplebear (NASDAQ:CART) Rating Increased to Strong Sell at BNP Paribas

Maplebear (NASDAQ:CART) was upgraded by equities researchers at BNP Paribas to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on CART. Jefferies Financial Group increased their price target on Maplebear from $41.00 to $48.00 and gave the company a “hold” rating in a report on Thursday, December 11th. Robert W. Baird reduced their target price on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Citigroup dropped their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Mizuho began coverage on shares of Maplebear in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.73.

Maplebear Price Performance

NASDAQ:CART opened at $39.81 on Wednesday. Maplebear has a 12 month low of $34.78 and a 12 month high of $53.50. The firm has a market capitalization of $10.45 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97. The business’s 50-day moving average is $42.87 and its two-hundred day moving average is $43.46.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. The firm had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.Maplebear’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. Equities analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at $18,307,337.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 26.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in the business. State Street Corp boosted its position in shares of Maplebear by 1.3% during the second 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 period. Boston Partners raised its stake in 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. Viking Global Investors LP acquired a new position in Maplebear during the 2nd quarter worth $169,782,000. William Blair Investment Management LLC acquired a new position in Maplebear during the 2nd quarter worth $151,364,000. Finally, Federated Hermes Inc. grew its stake in shares of Maplebear by 12.3% in the second quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock worth $143,842,000 after purchasing an additional 347,153 shares in the last quarter. 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.