Maplebear (NASDAQ:CART) Upgraded by Seaport Res Ptn to “Strong-Buy” Rating

Maplebear (NASDAQ:CART) was upgraded by analysts at Seaport Res Ptn to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on CART. Loop Capital upped their price target on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. BTIG Research upgraded shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, January 14th. Bank of America increased their target price on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Mizuho assumed coverage on Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Trading Up 1.1 %

NASDAQ CART opened at $50.25 on Wednesday. The stock has a market capitalization of $12.91 billion, a price-to-earnings ratio of 33.72, a PEG ratio of 1.09 and a beta of 1.07. The business’s 50 day moving average is $44.96 and its two-hundred day moving average is $41.46. Maplebear has a 12-month low of $24.52 and a 12-month high of $50.91.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($20.86) earnings per share. Equities analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear 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 completion of the sale, the chief executive officer now owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,555 shares of company stock worth $2,164,787 in the last three months. 36.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CART. Creative Planning increased its holdings in shares of Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after purchasing an additional 831 shares during the period. Lecap Asset Management Ltd. raised its position in shares of Maplebear by 65.3% during the 3rd quarter. Lecap Asset Management Ltd. now owns 36,237 shares of the company’s stock worth $1,476,000 after buying an additional 14,318 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear in the 3rd quarter worth approximately $74,000. New York State Teachers Retirement System lifted its stake in shares of Maplebear by 704.1% in the 3rd quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after acquiring an additional 13,856 shares during the period. Finally, US Bancorp DE boosted its holdings in shares of Maplebear by 429.2% in the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after acquiring an additional 8,670 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.