Maplebear (NASDAQ:CART) Receives Outperform Rating from Macquarie

Macquarie reissued their outperform rating on shares of Maplebear (NASDAQ:CART) in a research report sent to investors on Friday, Benzinga reports. They currently have a $44.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. JMP Securities upped their price objective on shares of Maplebear from $35.00 to $42.00 and gave the company a market outperform rating in a research note on Thursday, May 9th. Stifel Nicolaus upped their price target on Maplebear from $44.00 to $45.00 and gave the company a buy rating in a research report on Thursday, May 9th. Oppenheimer lifted their price objective on Maplebear from $36.00 to $48.00 and gave the stock an outperform rating in a research report on Monday, April 29th. Needham & Company LLC restated a hold rating on shares of Maplebear in a report on Tuesday, May 7th. Finally, Loop Capital lifted their price target on shares of Maplebear from $46.00 to $49.00 and gave the company a buy rating in a report on Thursday, May 16th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $41.60.

Maplebear Stock Performance

CART opened at $34.32 on Friday. The stock’s 50 day simple moving average is $33.18 and its 200 day simple moving average is $32.49. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The company had revenue of $820.00 million for the quarter, compared to analysts’ expectations of $794.08 million. Maplebear’s revenue was up 8.0% compared to the same quarter last year. Analysts expect that Maplebear will post 1.02 EPS for the current fiscal year.

Insider Activity

In related news, CEO Fidji Simo sold 13,206 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $34.93, for a total value of $461,285.58. Following the transaction, the chief executive officer now owns 2,132,845 shares in the company, valued at approximately $74,500,275.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Alan Ramsay sold 2,550 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the transaction, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at approximately $3,755,586.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 13,206 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $34.93, for a total value of $461,285.58. Following the sale, the chief executive officer now owns 2,132,845 shares in the company, valued at $74,500,275.85. The disclosure for this sale can be found here. Insiders sold 82,008 shares of company stock worth $2,795,362 over the last three months. 36.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Canaan Partners IX LLC purchased a new position in Maplebear in the 4th quarter worth about $87,508,000. Norges Bank bought a new position in Maplebear during the fourth quarter valued at approximately $78,674,000. Thrive Capital Management LLC purchased a new stake in Maplebear in the third quarter worth approximately $47,818,000. Industry Ventures L.L.C. grew its position in Maplebear by 3.3% in the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after purchasing an additional 31,175 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Maplebear during the 1st quarter valued at $31,109,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.