Maplebear’s (CART) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Maplebear (NASDAQ:CART) in a report released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $45.00 price target on the stock.

A number of other equities research analysts also recently issued reports on CART. BMO Capital Markets increased their price target on shares of Maplebear from $36.00 to $39.00 and gave the stock a market perform rating in a report on Wednesday, August 7th. Piper Sandler increased their target price on shares of Maplebear from $47.00 to $50.00 and gave the stock an overweight rating in a research note on Wednesday, August 7th. Citigroup boosted their price target on shares of Maplebear from $44.00 to $47.00 and gave the company a buy rating in a research report on Thursday, August 8th. Wedbush upped their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Finally, Gordon Haskett raised Maplebear from a hold rating to a buy rating and lifted their price objective for the company from $37.00 to $45.00 in a research note on Wednesday, June 5th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Maplebear has an average rating of Moderate Buy and a consensus price target of $43.33.

Maplebear Stock Performance

NASDAQ:CART opened at $40.50 on Monday. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.58. The stock’s fifty day moving average price is $34.93 and its two-hundred day moving average price is $34.80.

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

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction that occurred on 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 owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was 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 in the company, valued at $4,106,922.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,655 shares of company stock valued at $2,504,824. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Maplebear during the fourth quarter worth about $78,674,000. Sculptor Capital LP purchased a new stake in Maplebear in the 2nd quarter worth approximately $77,361,000. Federated Hermes Inc. lifted its holdings in Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the period. Industry Ventures L.L.C. grew its position in shares of Maplebear by 3.3% in the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after buying an additional 31,175 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Maplebear during the first quarter valued at approximately $31,109,000. Institutional investors own 63.09% of the company’s stock.

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.