Maplebear (NASDAQ:CART) Rating Increased to Strong-Buy at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Maplebear (NASDAQ:CART) to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also commented on CART. BMO Capital Markets upped their price target on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler raised their target price on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Stifel Nicolaus boosted their price target on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.96.

Maplebear Stock Up 1.1 %

Shares of NASDAQ CART opened at $50.25 on Wednesday. Maplebear has a 52 week low of $24.52 and a 52 week high of $50.91. The business’s 50 day moving average price is $44.96 and its 200 day moving average price is $41.46. The firm has a market cap of $12.91 billion, a P/E ratio of 33.72, a P/E/G ratio of 1.09 and a beta of 1.07.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the firm earned ($20.86) EPS. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, research analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the transaction, the chief executive officer now owns 1,804,243 shares of the company’s stock, valued at approximately $77,528,321.71. The trade was a 1.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,555 shares of company stock valued at $2,164,787. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning raised its position in shares of Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after buying an additional 831 shares during the period. Lecap Asset Management Ltd. raised its position in Maplebear by 65.3% in the third quarter. Lecap Asset Management Ltd. now owns 36,237 shares of the company’s stock valued at $1,476,000 after purchasing an additional 14,318 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear in the 3rd quarter valued at $74,000. New York State Teachers Retirement System grew its holdings in shares of Maplebear by 704.1% during the 3rd quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after purchasing an additional 13,856 shares during the period. Finally, US Bancorp DE increased its position in shares of Maplebear by 429.2% during the 3rd quarter. US Bancorp DE now owns 10,690 shares of the company’s stock worth $436,000 after purchasing an additional 8,670 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.