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

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating restated by stock analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $45.00 price target on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 11.25% from the company’s current price.

Other analysts have also recently issued reports about the stock. Wedbush upped their price objective on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Bank of America upped their target price on shares of Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $40.45 on Monday. Maplebear has a one year low of $22.13 and a one year high of $42.58. The business has a 50-day moving average price of $35.43 and a two-hundred day moving average price of $34.97.

Maplebear (NASDAQ:CART) last issued 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 business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm’s revenue was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that Maplebear will post 1.12 earnings per share for the current year.

Insider Activity

In other Maplebear news, 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 transaction, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the firm’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 owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 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 $332,900.12. Following the sale, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,655 shares of company stock worth $2,504,824. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its stake in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares in the last quarter. nVerses Capital LLC lifted its position in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the period. Cantor Fitzgerald L. P. lifted its position in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the 4th quarter worth approximately $69,000. Finally, Quarry LP lifted its position in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the period. 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.