Maplebear (NASDAQ:CART) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Maplebear (NASDAQ:CART) in a research report released on Thursday morning, MarketBeat reports. The firm issued an overweight rating and a $45.00 target price on the stock.

A number of other research analysts also recently commented on CART. Barclays increased their target price on Maplebear from $41.00 to $43.00 and gave the company an overweight rating in a research report on Thursday, May 9th. Wolfe Research initiated coverage on shares of Maplebear in a report on Tuesday, July 16th. They issued a peer perform rating on the stock. KeyCorp assumed coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a sector weight rating for the company. Morgan Stanley boosted their price objective on Maplebear from $43.00 to $45.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their price objective on Maplebear from $44.00 to $45.00 and gave the company a buy rating in a research report on Thursday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $42.81.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $34.01 on Thursday. The firm has a fifty day moving average price of $33.95 and a 200 day moving average price of $34.27. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $823.00 million during 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 business’s revenue was up 14.9% on a year-over-year basis. Research analysts expect that Maplebear will post 1.14 earnings per share for the current fiscal year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 2,500 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $33.81, for a total transaction of $84,525.00. Following the transaction, the chief executive officer now directly owns 1,992,667 shares in the company, valued at approximately $67,372,071.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Fidji Simo sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $33.81, for a total value of $84,525.00. Following the completion of the sale, the chief executive officer now owns 1,992,667 shares of the company’s stock, valued at approximately $67,372,071.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,550 shares of Maplebear stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $33.86, for a total transaction of $86,343.00. Following the transaction, the chief accounting officer now directly owns 110,536 shares in the company, valued at $3,742,748.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,610 shares of company stock worth $2,377,448. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP lifted its position in shares of Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the last quarter. Creative Planning boosted its stake in Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after acquiring an additional 831 shares in the last quarter. Algert Global LLC acquired a new stake in Maplebear in the second quarter valued at approximately $301,000. Sculptor Capital LP acquired a new position in shares of Maplebear during the second quarter worth $77,361,000. Finally, Selkirk Management LLC acquired a new position in shares of Maplebear during the second quarter worth $2,194,000. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.