Maplebear (NASDAQ:CART) Upgraded by BTIG Research to “Buy” Rating

Maplebear (NASDAQ:CART) was upgraded by BTIG Research from a “neutral” rating to a “buy” rating in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm presently has a $58.00 price target on the stock. BTIG Research’s price target indicates a potential upside of 30.31% from the stock’s current price.

A number of other equities research analysts also recently issued reports on CART. JMP Securities boosted their price objective on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target for the company. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research note on Monday. Morgan Stanley increased their price objective on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Raymond James initiated coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Thirteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Maplebear Stock Performance

Maplebear stock opened at $44.51 on Tuesday. The stock has a market cap of $11.43 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. The stock has a fifty day moving average of $43.59 and a 200 day moving average of $39.47. Maplebear has a one year low of $22.70 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($20.86) EPS. As a group, sell-side analysts predict that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the sale, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at approximately $80,047,510.42. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear in the 3rd quarter worth $33,000. Huntington National Bank purchased a new stake in shares of Maplebear in the 3rd quarter worth approximately $54,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear during the third quarter valued at approximately $74,000. Quarry LP raised its stake in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new stake in Maplebear during the third quarter worth $212,000. Institutional investors 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.