Cantor Fitzgerald Initiates Coverage on Maplebear (NASDAQ:CART)

Equities research analysts at Cantor Fitzgerald began coverage on shares of Maplebear (NASDAQ:CART) in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $45.00 price target on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 32.31% from the company’s current price.

Several other research analysts have also recently weighed in on CART. BMO Capital Markets increased their price target on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. KeyCorp initiated coverage on Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating on the stock. Wolfe Research initiated coverage on Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Morgan Stanley increased their price objective on Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.81.

Maplebear Trading Down 1.8 %

Shares of NASDAQ CART opened at $34.01 on Thursday. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95. The stock has a 50 day moving average of $33.95 and a 200-day moving average of $34.23.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, equities analysts anticipate that Maplebear will post 1.14 earnings per share for the current year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 value of $332,900.12. Following the transaction, 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 a total of 68,610 shares of company stock valued at $2,377,448 over the last quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. 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 worth $25,000 after acquiring an additional 620 shares in the last quarter. nVerses Capital LLC increased its stake in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Cantor Fitzgerald L. P. increased its stake in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the period. Kapitalo Investimentos Ltda acquired a new position in shares of Maplebear in the fourth quarter valued at approximately $69,000. Finally, Quarry LP increased its stake in shares of Maplebear by 269.5% in 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 period. Institutional investors and hedge funds 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.