Maplebear (NASDAQ:CART) Earns Overweight Rating from Cantor Fitzgerald

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $45.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 11.28% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Raymond James initiated coverage on shares of Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Citigroup boosted their price objective 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. BMO Capital Markets raised their target price 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. Bank of America upped their target price on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Finally, Macquarie raised their price target on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Eleven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $43.33.

Maplebear Stock Performance

Shares of Maplebear stock traded up $0.54 during trading on Monday, reaching $40.44. The company had a trading volume of 976,034 shares, compared to its average volume of 4,094,548. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.58. The firm’s fifty day moving average is $35.22 and its 200-day moving average is $34.90.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping 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 the consensus estimate of $806.35 million. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Equities analysts forecast that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction on 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 owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $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 Maplebear 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 transaction, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,655 shares of company stock worth $2,504,824. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Sculptor Capital LP acquired a new stake in shares of Maplebear during the 2nd quarter valued at $77,361,000. Federated Hermes Inc. boosted its position in Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares during the last quarter. SG Americas Securities LLC purchased a new position in Maplebear in the first quarter valued at about $31,109,000. Lord Abbett & CO. LLC acquired a new position in Maplebear in the 1st quarter worth about $28,674,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Maplebear during the 2nd quarter worth about $22,816,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.