Maplebear (NASDAQ:CART) Rating Increased to Buy at BTIG Research

Maplebear (NASDAQ:CART) was upgraded by investment analysts at BTIG Research from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat reports. The firm presently has a $58.00 price target on the stock. BTIG Research’s target price would indicate a potential upside of 28.57% from the stock’s current price.

Several other equities research analysts also recently commented on CART. Robert W. Baird boosted their price objective on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on shares of Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Bank of America lifted their price objective on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Stifel Nicolaus upped their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Maplebear Stock Down 2.9 %

Shares of NASDAQ CART opened at $45.11 on Tuesday. The firm has a market cap of $11.59 billion, a PE ratio of 30.28, a P/E/G ratio of 1.08 and a beta of 1.04. The company’s fifty day simple moving average is $43.61 and its 200 day simple moving average is $39.57. Maplebear has a 12-month low of $22.70 and a 12-month high of $50.01.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the firm earned ($20.86) EPS. The business’s revenue was up 11.5% on a year-over-year basis. On average, equities analysts predict that Maplebear will post 1.4 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the transaction, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at $80,047,510.42. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Several hedge funds have recently made changes to their positions in CART. Paragon Capital Management Ltd grew its stake 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 acquiring an additional 3,185 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Maplebear during the fourth quarter worth about $1,166,000. Watts Gwilliam & Co. LLC boosted its position in Maplebear by 39.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 7,300 shares of the company’s stock worth $313,000 after purchasing an additional 2,047 shares during the period. Nordea Investment Management AB bought a new stake in shares of Maplebear in the fourth quarter valued at approximately $2,078,000. Finally, Lord Abbett & CO. LLC lifted its stake in shares of Maplebear by 370.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company’s stock valued at $34,996,000 after buying an additional 676,605 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.