Maplebear (NASDAQ:CART) Trading 3.7% Higher

Maplebear Inc. (NASDAQ:CART)’s stock price traded up 3.7% during trading on Wednesday . The stock traded as high as $39.34 and last traded at $39.27. 676,915 shares were traded during trading, a decline of 83% from the average session volume of 3,957,461 shares. The stock had previously closed at $37.87.

Analyst Ratings Changes

CART has been the subject of a number of recent research reports. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Morgan Stanley increased their target price on Maplebear from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and increased their target price for the company from $37.00 to $45.00 in a research note on Wednesday, June 5th. Cantor Fitzgerald initiated coverage on Maplebear in a research note on Thursday, September 5th. They issued an “overweight” rating and a $45.00 target price for the company. Finally, Citigroup increased their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $42.81.

Maplebear Price Performance

The firm has a 50-day moving average of $34.33 and a 200 day moving average of $34.55.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s quarterly revenue was up 14.9% on a year-over-year basis. Equities analysts anticipate that Maplebear Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other news, General Counsel Morgan Fong sold 9,228 shares of Maplebear stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total transaction of $312,460.08. Following the transaction, the general counsel now directly owns 381,841 shares in the company, valued at approximately $12,929,136.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, General Counsel Morgan Fong sold 9,228 shares of Maplebear stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total transaction of $312,460.08. Following the transaction, the general counsel now directly owns 381,841 shares in the company, valued at approximately $12,929,136.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 2,550 shares of Maplebear stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total value of $86,343.00. Following the completion of the transaction, the chief accounting officer now owns 110,536 shares in the company, valued at $3,742,748.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,110 shares of company stock worth $2,292,923. 36.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Maplebear in the 4th quarter worth $78,674,000. Vanguard Group Inc. grew its holdings in shares of Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after acquiring an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Maplebear in the 2nd quarter worth $8,293,000. Investment House LLC acquired a new stake in shares of Maplebear in the second quarter worth $750,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Maplebear in the first quarter worth $1,673,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.