Maplebear (NASDAQ:CART) Rating Increased to Strong-Buy at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Maplebear (NASDAQ:CART) to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on CART. Stifel Nicolaus increased their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. JMP Securities increased their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their target price on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Oppenheimer upped their price target on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Bank of America lifted their price objective on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.96.

Maplebear Trading Up 1.1 %

NASDAQ CART opened at $50.25 on Wednesday. Maplebear has a 12 month low of $24.52 and a 12 month high of $50.91. The stock has a market cap of $12.91 billion, a price-to-earnings ratio of 33.72, a PEG ratio of 1.09 and a beta of 1.07. The company’s 50 day moving average is $44.96 and its two-hundred day moving average is $41.46.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same period last year, the firm earned ($20.86) EPS. The company’s revenue was up 11.5% on a year-over-year basis. Sell-side analysts forecast that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was 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 directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,555 shares of company stock worth $2,164,787. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning raised its holdings in Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after purchasing an additional 831 shares in the last quarter. Lecap Asset Management Ltd. boosted its position in shares of Maplebear by 65.3% in the 3rd quarter. Lecap Asset Management Ltd. now owns 36,237 shares of the company’s stock worth $1,476,000 after purchasing an additional 14,318 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Maplebear during the 3rd quarter valued at about $74,000. New York State Teachers Retirement System boosted its holdings in Maplebear by 704.1% in the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after acquiring an additional 13,856 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Maplebear by 429.2% during the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after acquiring an additional 8,670 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.