Maplebear (NASDAQ:CART) Rating Increased to Strong-Buy at Argus

Argus upgraded shares of Maplebear (NASDAQ:CART) to a strong-buy rating in a report released on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Citigroup dropped their price target on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. BMO Capital Markets raised Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Tuesday, November 11th. Fox Advisors downgraded Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Finally, Cantor Fitzgerald lifted their price target on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.04.

Maplebear Trading Up 3.5%

CART stock traded up $1.30 during midday trading on Thursday, reaching $38.08. The company had a trading volume of 4,409,451 shares, compared to its average volume of 5,523,030. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50. The company has a market capitalization of $9.16 billion, a P/E ratio of 23.95, a PEG ratio of 0.56 and a beta of 0.98. The company has a 50 day moving average of $38.70 and a two-hundred day moving average of $40.72.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 26.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Several large investors have recently made changes to their positions in the stock. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear in the 4th quarter valued at approximately $27,000. Hantz Financial Services Inc. boosted its position in Maplebear by 78.6% during the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the period. Allworth Financial LP boosted its position in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the period. Abich Financial Wealth Management LLC acquired a new position in Maplebear during the third quarter valued at approximately $43,000. Finally, IFP Advisors Inc raised its position in shares of Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. 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.