Maplebear (NASDAQ:CART) Upgraded at BTIG Research

BTIG Research upgraded shares of Maplebear (NASDAQ:CART) from a neutral rating to a buy rating in a research report report published on Tuesday morning, MarketBeat.com reports. BTIG Research currently has $58.00 price objective on the stock.

Several other equities research analysts also recently weighed in on CART. Morgan Stanley raised their price target on Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday. Wells Fargo & Company assumed coverage on shares of Maplebear in a research report on Friday, January 10th. They set an “equal weight” rating and a $47.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Barclays boosted their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Maplebear in a research note on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price for the company. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.31.

Maplebear Price Performance

Shares of NASDAQ CART opened at $46.58 on Tuesday. Maplebear has a 1-year low of $23.59 and a 1-year high of $50.01. The business has a fifty day moving average price of $43.56 and a 200 day moving average price of $39.61. The stock has a market capitalization of $11.97 billion, a P/E ratio of 31.26, a price-to-earnings-growth ratio of 1.00 and a beta of 1.04.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business earned ($20.86) EPS. As a group, equities research analysts anticipate that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now directly owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 transaction of $886,855.00. Following the completion of the sale, the chief executive officer now owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,128 shares of company stock valued at $4,980,404. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently bought and sold shares of CART. Victory Capital Management Inc. lifted its position in shares of Maplebear by 144.7% in the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock valued at $1,182,000 after acquiring an additional 21,755 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Maplebear during the 2nd quarter worth $1,933,000. American Century Companies Inc. grew its holdings in shares of Maplebear by 14.6% during the second quarter. American Century Companies Inc. now owns 131,707 shares of the company’s stock worth $4,233,000 after buying an additional 16,783 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Maplebear in the second quarter valued at about $3,262,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Maplebear in the second quarter valued at about $22,816,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.