Maplebear’s (CART) “Outperform” Rating Reaffirmed at Macquarie

Macquarie restated their outperform rating on shares of Maplebear (NASDAQ:CART) in a research report released on Friday, Benzinga reports. They currently have a $44.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on CART. Benchmark reiterated a hold rating on shares of Maplebear in a research note on Tuesday, May 7th. Loop Capital boosted their price objective on Maplebear from $46.00 to $49.00 and gave the company a buy rating in a research report on Thursday, May 16th. Needham & Company LLC reaffirmed a hold rating on shares of Maplebear in a research report on Tuesday, May 7th. Stifel Nicolaus boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company a buy rating in a report on Thursday, May 9th. Finally, JMP Securities raised their price objective on shares of Maplebear from $35.00 to $42.00 and gave the stock a market outperform rating in a report on Thursday, May 9th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $41.60.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $34.56 on Friday. The business has a 50 day moving average price of $33.21 and a 200 day moving average price of $32.70. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95.

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

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the sale, the general counsel now directly owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Alan Ramsay sold 12,178 shares of Maplebear stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $34.90, for a total transaction of $425,012.20. Following the completion of the sale, the chief accounting officer now directly owns 118,142 shares of the company’s stock, valued at $4,123,155.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.20, for a total value of $306,369.60. Following the completion of the sale, the general counsel now owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,802 shares of company stock valued at $2,334,076. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its position in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the period. Cantor Fitzgerald L. P. boosted its position in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after purchasing an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Maplebear during the fourth quarter worth $69,000. Amalgamated Bank bought a new stake in shares of Maplebear in the 4th quarter valued at $94,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Maplebear in the 4th quarter valued at $110,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.