Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Raymond James

Raymond James began coverage on shares of Maplebear (NASDAQ:CART) in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm issued a market perform rating on the stock.

Several other research firms have also issued reports on CART. Piper Sandler lifted their price objective on Maplebear from $47.00 to $50.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Gordon Haskett upgraded Maplebear from a hold rating to a buy rating and lifted their price target for the company from $37.00 to $45.00 in a research report on Wednesday, June 5th. Benchmark restated a hold rating on shares of Maplebear in a research report on Wednesday, August 7th. KeyCorp began coverage on shares of Maplebear in a research report on Thursday, July 11th. They set a sector weight rating for the company. Finally, Citigroup increased their price target on shares of Maplebear from $44.00 to $47.00 and gave the stock a buy rating in a report on Thursday, August 8th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Maplebear has an average rating of Moderate Buy and an average target price of $43.33.

Maplebear Price Performance

Shares of Maplebear stock opened at $40.08 on Tuesday. The company’s 50-day moving average price is $34.86 and its 200-day moving average price is $34.76. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.58.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The business 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% compared to the same quarter last year. Equities analysts forecast that Maplebear will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the transaction, the general counsel now owns 298,984 shares in the company, valued at approximately $12,371,957.92. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock worth $2,504,824 in the last ninety days. 36.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

A number of institutional investors have recently modified their holdings of CART. Parallel Advisors LLC increased its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the period. Treasurer of the State of North Carolina bought a new stake in shares of Maplebear in the 4th quarter worth approximately $218,000. Honeycomb Asset Management LP bought a new position in shares of Maplebear during the fourth quarter valued at approximately $3,520,000. Cantor Fitzgerald L. P. raised its holdings in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Maplebear in the fourth quarter worth $587,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.