Maplebear (NASDAQ:CART) Raised to Buy at BTIG Research

BTIG Research upgraded shares of Maplebear (NASDAQ:CART) from a neutral rating to a buy rating in a report released on Tuesday, MarketBeat reports. BTIG Research currently has $58.00 target price on the stock.

A number of other research analysts have also recently commented on the company. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Monday. JMP Securities upped their price target on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Morgan Stanley raised their price objective on Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday. Stifel Nicolaus upped their target price on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Loop Capital lifted their price target on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Maplebear Stock Up 3.3 %

Shares of NASDAQ:CART opened at $46.58 on Tuesday. Maplebear has a 52-week low of $23.59 and a 52-week high of $50.01. The business has a fifty day moving average of $43.56 and a two-hundred day moving average of $39.61. The stock has a market cap of $11.97 billion, a P/E ratio of 31.26, a PEG ratio of 1.00 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the prior year, the firm posted ($20.86) earnings per share. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities analysts anticipate that Maplebear will post 1.4 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the sale, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,128 shares of company stock worth $4,980,404. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently added to or reduced their stakes in CART. Paragon Capital Management Ltd lifted its position in shares of Maplebear by 33.3% during the 4th quarter. Paragon Capital Management Ltd now owns 12,740 shares of the company’s stock worth $528,000 after buying an additional 3,185 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Maplebear during the 4th quarter worth $1,166,000. Watts Gwilliam & Co. LLC lifted its position in Maplebear by 39.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 7,300 shares of the company’s stock valued at $313,000 after acquiring an additional 2,047 shares during the last quarter. Nordea Investment Management AB acquired a new position in Maplebear in the fourth quarter valued at $2,078,000. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Maplebear by 370.9% during the third quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company’s stock worth $34,996,000 after purchasing an additional 676,605 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.