Maplebear (NASDAQ:CART) Raised to “Buy” at Wall Street Zen

Maplebear (NASDAQ:CART) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts also recently weighed in on CART. Benchmark raised Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Friday. Wells Fargo & Company upped their price objective on Maplebear from $47.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Friday. Bank of America upped their price objective on Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a research note on Friday. Citigroup upped their price objective on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus upped their price objective on Maplebear from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.13.

Maplebear Stock Up 3.7%

NASDAQ:CART opened at $51.21 on Friday. Maplebear has a twelve month low of $31.15 and a twelve month high of $53.50. The business has a 50 day moving average price of $46.70 and a two-hundred day moving average price of $44.68. The company has a market cap of $13.44 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 1.95 and a beta of 1.21.

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

Insider Transactions at Maplebear

In other Maplebear news, Director Levien Meredith A. Kopit sold 4,225 shares of the company’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the transaction, the director directly owned 20,829 shares of the company’s stock, valued at $988,336.05. This represents a 16.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the transaction, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,975,327 shares of company stock worth $237,736,848. 26.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear during the 1st quarter worth $26,000. NewEdge Advisors LLC grew its holdings in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after purchasing an additional 717 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Maplebear during the 1st quarter worth $40,000. UMB Bank n.a. grew its holdings in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after purchasing an additional 905 shares in the last quarter. Finally, Spire Wealth Management acquired a new stake in shares of Maplebear during the 1st quarter worth $41,000. 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.