Maplebear (NASDAQ:CART) Upgraded to Hold at Mizuho

Mizuho upgraded shares of Maplebear (NASDAQ:CART) to a hold rating in a research report report published on Monday,Zacks.com reports.

CART has been the subject of several other research reports. JMP Securities lifted their price target on Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Stifel Nicolaus dropped their target price on Maplebear from $64.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Sanford C. Bernstein upped their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Citigroup lifted their price target 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. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.96.

Maplebear Price Performance

CART stock opened at $36.76 on Monday. The firm has a 50 day simple moving average of $45.37 and a two-hundred day simple moving average of $44.33. The stock has a market cap of $9.68 billion, a PE ratio of 21.25, a P/E/G ratio of 1.27 and a beta of 1.22. Maplebear has a one year low of $34.87 and a one year high of $53.50.

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

Insider Activity

In other news, insider Daniel Danker sold 10,037 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider owned 470,190 shares in the company, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the company’s stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,986,367 shares of company stock valued at $238,211,261. Corporate insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors have recently modified their holdings of the company. Texas Permanent School Fund Corp grew its stake in shares of Maplebear by 7.6% in the second quarter. Texas Permanent School Fund Corp now owns 106,669 shares of the company’s stock worth $4,826,000 after purchasing an additional 7,578 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in Maplebear by 485.0% in the 2nd quarter. Osaic Holdings Inc. now owns 96,871 shares of the company’s stock worth $4,382,000 after buying an additional 80,312 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Maplebear by 1.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 44,641 shares of the company’s stock worth $2,020,000 after buying an additional 730 shares during the last quarter. Stance Capital LLC purchased a new position in shares of Maplebear during the second quarter valued at approximately $1,342,000. Finally, State of Wyoming increased its stake in shares of Maplebear by 5.5% during the second quarter. State of Wyoming now owns 10,059 shares of the company’s stock valued at $455,000 after buying an additional 525 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.