Maplebear (NASDAQ:CART) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Maplebear (NASDAQ:CART) in a research report sent to investors on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $45.00 price target on the stock.

A number of other brokerages also recently commented on CART. Morgan Stanley decreased their target price on Maplebear from $45.00 to $41.00 and set an equal weight rating for the company in a research note on Tuesday, September 24th. Gordon Haskett upgraded Maplebear from a hold rating to a buy rating and upped their price objective for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. Benchmark reiterated a hold rating on shares of Maplebear in a research note on Wednesday, August 7th. Bank of America boosted their price target on shares of Maplebear from $41.00 to $45.00 and gave the company a neutral rating in a report on Tuesday, September 24th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Maplebear in a report on Wednesday, August 7th. Eleven equities 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, Maplebear has a consensus rating of Moderate Buy and a consensus target price of $43.33.

Maplebear Price Performance

CART stock opened at $39.45 on Monday. The stock’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $35.00. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.58.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, sell-side analysts forecast that Maplebear will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, General Counsel Morgan Fong sold 10,992 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now directly owns 298,984 shares in the company, valued at approximately $12,371,957.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock valued at $2,504,824 over the last three months. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently bought and sold shares of the stock. Sculptor Capital LP purchased a new stake in Maplebear during the second quarter valued at about $77,361,000. Federated Hermes Inc. raised its holdings in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares during the period. Industry Ventures L.L.C. lifted its position in shares of Maplebear by 3.3% in the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after acquiring an additional 31,175 shares in the last quarter. SG Americas Securities LLC acquired a new position in Maplebear in the 1st quarter worth approximately $31,109,000. Finally, Lord Abbett & CO. LLC purchased a new position in Maplebear during the 1st quarter worth approximately $28,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.