Maplebear (NASDAQ:CART) Rating Reiterated by Cantor Fitzgerald

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reissued by Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They presently have a $45.00 price objective on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 2.27% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Bank of America lifted their target price on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Wedbush increased their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler lifted their price objective on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Raymond James started coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.33.

Maplebear Stock Performance

NASDAQ:CART opened at $44.00 on Monday. The stock’s fifty day moving average is $35.92 and its two-hundred day moving average is $35.05. Maplebear has a 52 week low of $22.13 and a 52 week high of $44.06.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results 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. 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 analysts’ expectations of $806.35 million. Maplebear’s quarterly revenue was up 14.9% on a year-over-year basis. On average, equities research analysts anticipate that Maplebear will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

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 sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,655 shares of company stock valued at $2,504,824. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CART. Sculptor Capital LP acquired a new stake in Maplebear in the second quarter valued at about $77,361,000. Federated Hermes Inc. boosted its stake in shares of 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 buying an additional 876,439 shares in the last quarter. Industry Ventures L.L.C. grew its holdings in Maplebear by 3.3% during the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after acquiring an additional 31,175 shares during the period. SG Americas Securities LLC purchased a new position in Maplebear in the first quarter worth $31,109,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Maplebear in the first quarter valued at $28,674,000. 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.