Raymond James Initiates Coverage on Maplebear (NASDAQ:CART)

Raymond James assumed coverage on shares of Maplebear (NASDAQ:CART) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued a market perform rating on the stock.

CART has been the subject of several other reports. Citigroup boosted their price objective on Maplebear from $44.00 to $47.00 and gave the stock a buy rating in a research report on Thursday, August 8th. Benchmark reiterated a hold rating on shares of Maplebear in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued an overweight rating and set a $45.00 price target on shares of Maplebear in a report on Monday, September 23rd. Needham & Company LLC restated a hold rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, KeyCorp initiated coverage on shares of Maplebear in a research report on Thursday, July 11th. They issued a sector weight rating for the company. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $43.33.

Maplebear Trading Up 1.1 %

CART stock opened at $39.90 on Tuesday. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.58. The stock’s fifty day moving average is $35.22 and its two-hundred day moving average is $34.91.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. Equities analysts anticipate that Maplebear will post 1.12 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the sale, the general counsel now owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The disclosure for this sale can be found here. Insiders sold 67,655 shares of company stock worth $2,504,824 in the last quarter. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its position in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the last quarter. nVerses Capital LLC grew its holdings in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the last quarter. Cantor Fitzgerald L. P. raised its holdings in Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Maplebear in the 4th quarter valued at approximately $69,000. Finally, Quarry LP increased its holdings in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

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.