Maplebear (NASDAQ:CART) Earns Overweight Rating from Cantor Fitzgerald

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research note issued on Wednesday,Benzinga reports. They presently have a $55.00 price objective on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 35.00% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Robert W. Baird increased their target price on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Macquarie increased their target price on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Morgan Stanley increased their target price on Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Wells Fargo & Company started coverage on shares of Maplebear in a research note on Friday, January 10th. They set an “equal weight” rating and a $47.00 price target for the company. Finally, Bank of America raised their price target on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.92.

Maplebear Price Performance

Shares of CART stock opened at $40.74 on Wednesday. The stock has a market cap of $10.47 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The stock has a 50-day moving average of $46.45 and a 200-day moving average of $42.66. Maplebear has a one year low of $29.84 and a one year high of $53.44.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, research analysts anticipate that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,311 shares of company stock worth $1,088,636. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of hedge funds have recently made changes to their positions in CART. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear during the third quarter valued at about $74,000. New York State Teachers Retirement System boosted its stake in shares of Maplebear by 704.1% during the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock valued at $645,000 after purchasing an additional 13,856 shares in the last quarter. US Bancorp DE lifted its stake in shares of Maplebear by 429.2% in the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock worth $436,000 after acquiring an additional 8,670 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Maplebear by 26.7% in the third quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock worth $560,000 after acquiring an additional 2,901 shares during the period. Finally, Washington University acquired a new position in shares of Maplebear in the third quarter worth approximately $238,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.