Cantor Fitzgerald Reiterates “Overweight” Rating for Maplebear (NASDAQ:CART)

Cantor Fitzgerald restated their overweight rating on shares of Maplebear (NASDAQ:CART) in a research report sent to investors on Monday, Benzinga reports. The firm currently has a $45.00 price target on the stock.

A number of other research firms also recently issued reports on CART. Morgan Stanley decreased their price target on shares of Maplebear from $45.00 to $41.00 and set an equal weight rating for the company in a research note on Tuesday, September 24th. Raymond James assumed coverage on Maplebear in a research note on Tuesday, September 24th. They issued a market perform rating for the company. Needham & Company LLC reiterated a hold rating on shares of Maplebear in a report on Wednesday, August 7th. BMO Capital Markets raised their price objective on Maplebear from $36.00 to $39.00 and gave the company a market perform rating in a research report on Wednesday, August 7th. Finally, Wedbush upped their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $43.33.

Maplebear Trading Down 2.8 %

NASDAQ CART opened at $42.74 on Monday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $45.01. The stock has a 50 day simple moving average of $36.30 and a two-hundred day simple moving average of $35.16.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. The company’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts expect that Maplebear will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the sale, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Alan Ramsay sold 2,626 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,655 shares of company stock worth $2,504,824. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Several large investors have recently added to or reduced their stakes in CART. Parallel Advisors LLC raised its stake in Maplebear by 139.3% during the 4th 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 period. nVerses Capital LLC raised its position in shares of 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 buying an additional 1,600 shares during the last quarter. Cantor Fitzgerald L. P. lifted its holdings in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Maplebear during the fourth quarter worth $69,000. Finally, Quarry LP grew its stake in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.