Maplebear (NASDAQ:CART) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Maplebear (NASDAQ:CART) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $55.00 price target on the stock.

Several other brokerages also recently weighed in on CART. Barclays upped their price target on Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday. Macquarie upped their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Bank of America lifted their price target on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler raised their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.80.

Maplebear Stock Performance

Shares of CART stock opened at $42.80 on Wednesday. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a 50 day moving average price of $46.48 and a 200 day moving average price of $42.68. The stock has a market capitalization of $11.00 billion, a P/E ratio of 28.72, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. On average, research analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares in the company, valued at $75,734,980.82. The trade was a 1.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the sale, the chief accounting officer now directly owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock worth $1,088,636 in the last 90 days. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CART. Jones Financial Companies Lllp raised its stake in shares of Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the last quarter. CIBC Asset Management Inc increased its stake in Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after buying an additional 286 shares during the period. Allworth Financial LP raised its position in Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares during the last quarter. WCG Wealth Advisors LLC lifted its stake in shares of Maplebear by 3.3% in the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after acquiring an additional 451 shares during the period. Finally, Coldstream Capital Management Inc. boosted its holdings in shares of Maplebear by 1.6% in the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares in the last quarter. 63.09% of the stock is currently 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.