Cantor Fitzgerald Reiterates “Overweight” Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $45.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 9.97% from the company’s previous close.

CART has been the topic of several other reports. Macquarie raised their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Wedbush lifted their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley increased their target price on shares of Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. KeyCorp assumed coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating for the company. Finally, BMO Capital Markets increased their price objective on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Ten 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 has an average rating of “Moderate Buy” and a consensus price target of $42.81.

Maplebear Stock Down 2.9 %

Shares of NASDAQ:CART traded down $1.22 on Monday, hitting $40.92. 643,714 shares of the company’s stock were exchanged, compared to its average volume of 4,103,282. The business’s 50 day simple moving average is $34.75 and its two-hundred day simple moving average is $34.72. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.58.

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

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the transaction, the general counsel now owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear 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 sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,669 shares of company stock valued at $2,682,769. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Maplebear during the 4th quarter worth approximately $78,674,000. Vanguard Group Inc. boosted its stake in shares of Maplebear by 239.1% during 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 in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Maplebear during the 2nd quarter valued at about $8,293,000. Investment House LLC purchased a new position in shares of Maplebear in the 2nd quarter valued at about $750,000. Finally, GSA Capital Partners LLP acquired a new position in Maplebear in the 1st quarter worth about $1,673,000. Hedge funds and other 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.