Maplebear (NASDAQ:CART) Receives New Coverage from Analysts at KeyCorp

Research analysts at KeyCorp began coverage on shares of Maplebear (NASDAQ:CART) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage set a “sector weight” rating on the stock.

A number of other equities analysts also recently commented on the company. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $30.00 to $43.00 in a report on Thursday, March 14th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a report on Tuesday, May 7th. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and increased their price objective for the stock from $37.00 to $45.00 in a report on Wednesday, June 5th. Stifel Nicolaus upped their target price on Maplebear from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Loop Capital upped their target price on Maplebear from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.25.

Maplebear Trading Up 0.9 %

Shares of CART opened at $34.87 on Thursday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95. The business’s 50-day moving average is $33.23 and its 200-day moving average is $31.70.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. Sell-side analysts predict that Maplebear will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 6,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $31.82, for a total transaction of $190,920.00. Following the completion of the transaction, the chief executive officer now directly owns 1,995,167 shares in the company, valued at $63,486,213.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Maplebear news, CEO Fidji Simo sold 6,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $31.82, for a total transaction of $190,920.00. Following the completion of the transaction, the chief executive officer now directly owns 1,995,167 shares in the company, valued at $63,486,213.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 9,228 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the transaction, the general counsel now owns 391,069 shares of the company’s stock, valued at $12,983,490.80. The disclosure for this sale can be found here. Insiders sold a total of 97,863 shares of company stock valued at $3,367,121 over the last ninety days. 36.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Canaan Partners IX LLC acquired a new position in Maplebear during the fourth quarter worth $87,508,000. Norges Bank acquired a new stake in shares of Maplebear in the fourth quarter valued at $78,674,000. Thrive Capital Management LLC acquired a new stake in shares of Maplebear in the third quarter valued at $47,818,000. Industry Ventures L.L.C. increased its stake in shares of Maplebear by 3.3% in the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after buying an additional 31,175 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Maplebear in the first quarter valued at $31,109,000. 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.