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

Cantor Fitzgerald reissued their overweight rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $45.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Gordon Haskett raised shares of Maplebear from a hold rating to a buy rating and raised their price objective for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. KeyCorp started coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a sector weight rating for the company. Raymond James began coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a market perform rating on the stock. Wolfe Research began coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a peer perform rating for the company. Finally, Macquarie upped their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an outperform rating in a research note on Thursday, August 8th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear has an average rating of Moderate Buy and an average price target of $43.33.

Maplebear Trading Down 2.5 %

Shares of CART opened at $39.45 on Monday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.58. The firm has a 50-day simple moving average of $35.54 and a 200-day simple moving average of $35.00.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $806.35 million. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities research analysts predict that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares in the company, valued at approximately $3,779,008.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The disclosure for this sale can be found here. Insiders have sold 67,655 shares of company stock valued at $2,504,824 over the last three months. 36.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CART. Sculptor Capital LP purchased a new stake in Maplebear during the 2nd quarter worth approximately $77,361,000. Federated Hermes Inc. raised its holdings in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares in the last quarter. SG Americas Securities LLC bought a new position in Maplebear during the 1st quarter valued at $31,109,000. Lord Abbett & CO. LLC bought a new position in Maplebear during the 1st quarter valued at $28,674,000. Finally, Renaissance Technologies LLC acquired a new position in Maplebear during the 2nd quarter worth $22,816,000. Institutional investors and hedge funds 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.