Maplebear (NASDAQ:CART) Coverage Initiated at KeyCorp

Equities researchers at KeyCorp initiated coverage on shares of Maplebear (NASDAQ:CART) in a research report issued on Thursday, MarketBeat.com reports. The brokerage set a “sector weight” rating on the stock.

Several other analysts have also issued reports on CART. Barclays lifted their target price on shares of Maplebear from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Fox Advisors lowered shares of Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Tuesday, May 7th. Oppenheimer boosted their price target on shares of Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Finally, Moffett Nathanson restated a “neutral” rating and set a $37.00 price target (up from $36.00) on shares of Maplebear in a research report on Thursday, April 11th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.25.

Maplebear Stock Performance

CART stock opened at $34.87 on Thursday. The firm’s fifty day moving average is $33.23 and its 200 day moving average is $31.70. Maplebear has a one year low of $22.13 and a one year high of $42.95.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, research analysts expect that Maplebear will post 1.02 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Nick Giovanni sold 10,000 shares of Maplebear stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $36.97, for a total value of $369,700.00. Following the completion of the transaction, the chief financial officer now owns 576,977 shares in the company, valued at $21,330,839.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 18,687 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $34.86, for a total transaction of $651,428.82. Following the completion of the transaction, the general counsel now owns 418,973 shares in the company, valued at approximately $14,605,398.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Nick Giovanni sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total transaction of $369,700.00. Following the transaction, the chief financial officer now owns 576,977 shares of the company’s stock, valued at approximately $21,330,839.69. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,863 shares of company stock valued at $3,367,121. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CART. Parallel Advisors LLC grew its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. grew its holdings in Maplebear by 389.5% during 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 in the last quarter. Kapitalo Investimentos Ltda acquired a new position in shares of Maplebear in the 4th quarter valued at $69,000. Amalgamated Bank acquired a new position in shares of Maplebear in the 4th quarter valued at $94,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Maplebear in the 4th quarter valued at $110,000. Institutional investors and hedge funds 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.