Maplebear (NASDAQ:CART) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other brokerages also recently issued reports on CART. Jefferies Financial Group raised their price objective on shares of Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research report on Thursday, December 11th. Stifel Nicolaus lowered their price target on Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Citigroup dropped their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Argus began coverage on Maplebear in a research report on Wednesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. Finally, Guggenheim began coverage on Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.16.

Maplebear Stock Up 1.8%

NASDAQ:CART opened at $41.91 on Friday. The company has a market capitalization of $11.00 billion, a PE ratio of 23.03, a P/E/G ratio of 1.05 and a beta of 0.97. Maplebear has a 52-week low of $34.78 and a 52-week high of $53.50. The stock’s 50 day moving average price is $42.59 and its 200 day moving average price is $43.53.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Fidji Simo sold 1,014 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the completion of the sale, the director directly owned 569,742 shares of the company’s stock, valued at $22,789,680. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 4,914 shares of Maplebear stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares in the company, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,525 shares of company stock valued at $521,304 over the last three months. Insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Maplebear by 51.2% during the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after acquiring an additional 44,642 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after purchasing an additional 698 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Maplebear by 358.5% in the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Maplebear by 17.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after purchasing an additional 57,879 shares during the period. Finally, Empowered Funds LLC purchased a new position in Maplebear in the 1st quarter worth about $268,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.