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

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

Other research analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Citigroup boosted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Macquarie boosted their price target on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Morgan Stanley reduced their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Maplebear Trading Up 4.9 %

CART stock opened at $44.00 on Monday. The company’s 50 day simple moving average is $35.92 and its 200-day simple moving average is $35.05. Maplebear has a 12 month low of $22.13 and a 12 month high of $44.06.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, analysts predict that Maplebear will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 9,506 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 $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, General Counsel Morgan Fong sold 9,506 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 transaction of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. This trade represents a 0.00 % decrease in their ownership of the stock. 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 Trading of Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Parallel Advisors LLC grew its stake in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares in the last quarter. Honeycomb Asset Management LP acquired a new stake in Maplebear in the fourth quarter valued at $3,520,000. Cantor Fitzgerald L. P. boosted its stake in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. Nomura Holdings Inc. acquired a new position in Maplebear during the 4th quarter worth $587,000. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Maplebear in the 4th quarter worth about $69,000. 63.09% of the stock is 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.