Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage issued a hold rating and a $43.00 price target on the stock.

Other analysts have also recently issued research reports about the company. Bank of America increased their target price on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Benchmark restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Wedbush raised their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley cut their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.10.

Maplebear Stock Performance

CART stock opened at $42.76 on Wednesday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $45.01. The business’s 50-day moving average is $37.83 and its two-hundred day moving average is $35.44. The company has a market cap of $11.32 billion and a price-to-earnings ratio of -2.16.

Maplebear (NASDAQ:CART) last issued its quarterly 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. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations 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 revenue was up 14.9% on a year-over-year basis. Equities analysts predict that Maplebear will post 1.14 earnings per share for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,626 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 $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Alan Ramsay sold 2,626 shares of the company’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 $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the company’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 directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,955 shares of company stock valued at $2,480,317 in the last quarter. 36.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently bought and sold shares of the company. Creative Planning increased its stake in Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after buying an additional 831 shares in the last quarter. nVerses Capital LLC increased its stake in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Maplebear by 3.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 64,943 shares of the company’s stock worth $2,646,000 after buying an additional 1,993 shares in the last quarter. Great Valley Advisor Group Inc. increased its stake in Maplebear by 32.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock worth $331,000 after buying an additional 2,500 shares in the last quarter. Finally, BBR Partners LLC increased its stake in Maplebear by 11.5% during the 2nd quarter. BBR Partners LLC now owns 24,164 shares of the company’s stock worth $777,000 after buying an additional 2,500 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other 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.