FBN Securities Initiates Coverage on Maplebear (NASDAQ:CART)

FBN Securities began coverage on shares of Maplebear (NASDAQ:CART) in a report issued on Friday morning, MarketBeat.com reports. The firm issued a sector perform rating and a $44.00 price objective on the stock.

Several other research analysts have also recently weighed in on CART. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price target on shares of Maplebear in a report on Wednesday, February 26th. Seaport Res Ptn upgraded Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Loop Capital decreased their price target on Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, February 26th. Finally, Mizuho reduced their price objective on Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Fourteen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.25.

Maplebear Stock Down 1.9 %

Shares of Maplebear stock opened at $39.73 on Friday. The company has a market cap of $10.51 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. Maplebear has a 52 week low of $29.84 and a 52 week high of $53.44. The business has a 50 day moving average price of $44.59 and a 200-day moving average price of $43.54.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. The business had revenue of $883.00 million for 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 EPS for the current year.

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fidji Simo sold 2,033 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $40.00, for a total value of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares in the company, valued at $66,182,360. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,097 shares of company stock valued at $1,087,094. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. Victory Capital Management Inc. grew its stake in Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Boston Partners purchased a new position in Maplebear in the fourth quarter worth $111,506,000. Altimeter Capital Management LP bought a new position in Maplebear in the fourth quarter valued at $105,108,000. Vanguard Group Inc. raised its position in Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. Finally, Norges Bank purchased a new stake in Maplebear during the fourth quarter valued at about $95,162,000. 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.