Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Raymond James

Raymond James initiated coverage on shares of Maplebear (NASDAQ:CART) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a market perform rating on the stock.

Several other research firms have also recently commented on CART. Gordon Haskett upgraded Maplebear from a hold rating to a buy rating and lifted their price target for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Piper Sandler boosted their target price on shares of Maplebear from $47.00 to $50.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Macquarie increased their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, August 8th. Wedbush boosted their price objective on shares of Maplebear from $35.00 to $38.00 and gave the company a neutral rating in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an overweight rating and set a $45.00 price objective on shares of Maplebear in a report on Monday, September 23rd. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $43.33.

Maplebear Price Performance

Shares of CART opened at $39.90 on Tuesday. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.58. The company’s 50 day simple moving average is $35.22 and its 200 day simple moving average is $34.91.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The company had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Sell-side analysts predict that Maplebear will post 1.12 earnings per share for the current year.

Insider Activity

In related news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the sale, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Insiders sold 67,655 shares of company stock worth $2,504,824 over the last ninety days. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of CART. Parallel Advisors LLC raised its stake in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after buying an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. increased its holdings in shares of Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. nVerses Capital LLC raised its position in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in Maplebear during the fourth quarter worth $69,000. Finally, Quarry LP boosted its holdings in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.