Maplebear’s (CART) “Outperform” Rating Reiterated at Macquarie

Macquarie reiterated their outperform rating on shares of Maplebear (NASDAQ:CART) in a report issued on Friday, Benzinga reports. They currently have a $44.00 target price on the stock.

A number of other research analysts have also commented on the stock. Piper Sandler restated an overweight rating and issued a $47.00 price objective (up from $45.00) on shares of Maplebear in a research note on Thursday, May 9th. Barclays increased their price objective on Maplebear from $41.00 to $43.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Moffett Nathanson reiterated a neutral rating and issued a $37.00 target price (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Loop Capital upped their price target on Maplebear from $46.00 to $49.00 and gave the stock a buy rating in a research note on Thursday, May 16th. Finally, Wolfe Research began coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a peer perform rating on the stock. Eleven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $41.60.

Maplebear Trading Up 0.7 %

CART opened at $34.32 on Friday. Maplebear has a one year low of $22.13 and a one year high of $42.95. The business’s 50-day simple moving average is $33.18 and its 200-day simple moving average is $32.62.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Maplebear will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the general counsel now owns 391,069 shares in the company, valued at approximately $12,983,490.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Maplebear news, General Counsel Morgan Fong sold 9,228 shares of the company’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 completion of the transaction, the general counsel now directly owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 6,000 shares of Maplebear stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $31.82, for a total value of $190,920.00. Following the sale, the chief executive officer now directly owns 1,995,167 shares in the company, valued at $63,486,213.94. The disclosure for this sale can be found here. Insiders have sold 68,802 shares of company stock valued at $2,334,076 over the last three months. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently modified their holdings of CART. Canaan Partners IX LLC bought a new position in Maplebear during the fourth quarter worth $87,508,000. Norges Bank bought a new position in shares of Maplebear during the fourth quarter valued at approximately $78,674,000. Thrive Capital Management LLC acquired a new stake in shares of Maplebear during the 3rd quarter worth approximately $47,818,000. Industry Ventures L.L.C. lifted its holdings 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 worth $31,512,000 after purchasing an additional 31,175 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Maplebear during the 1st quarter valued at approximately $31,109,000. 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.