Maplebear (NASDAQ:CART) Price Target Raised to $45.00

Maplebear (NASDAQ:CART) had its price target raised by Morgan Stanley from $43.00 to $45.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other analysts also recently weighed in on CART. Macquarie assumed coverage on Maplebear in a report on Monday, March 25th. They issued an outperform rating and a $42.00 price objective for the company. Wolfe Research assumed coverage on Maplebear in a report on Tuesday, July 16th. They issued a peer perform rating for the company. Loop Capital increased their price objective on Maplebear from $46.00 to $49.00 and gave the company a buy rating in a report on Thursday, May 16th. Needham & Company LLC restated a hold rating on shares of Maplebear in a report on Tuesday, May 7th. Finally, Fox Advisors downgraded Maplebear from an overweight rating to an equal weight rating in a report on Monday, April 1st. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $41.50.

Maplebear Trading Up 0.4 %

Shares of NASDAQ:CART opened at $34.09 on Tuesday. The company has a fifty day moving average of $33.18 and a 200-day moving average of $32.41. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.39. The company had revenue of $820.00 million for the quarter, compared to analyst estimates of $794.08 million. The company’s revenue was up 8.0% compared to the same quarter last year. As a group, equities research analysts predict that Maplebear will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were 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 approximately $12,983,490.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Fidji Simo sold 3,236 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $35.09, for a total value of $113,551.24. Following the transaction, the chief executive officer now owns 2,125,301 shares of the company’s stock, valued at approximately $74,576,812.09. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the transaction, the general counsel now directly owns 391,069 shares in the company, valued at approximately $12,983,490.80. The disclosure for this sale can be found here. Insiders have sold 82,008 shares of company stock valued at $2,795,362 in the last 90 days. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several large investors have recently added to or reduced their stakes in CART. Parallel Advisors LLC increased its stake in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after buying an additional 620 shares during the last quarter. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in Maplebear in the 4th quarter valued at about $69,000. Amalgamated Bank purchased a new stake in Maplebear in the 4th quarter valued at about $94,000. Finally, International Assets Investment Management LLC purchased a new stake in Maplebear in the 4th quarter valued at about $110,000. 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.