Cantor Fitzgerald Reiterates Overweight Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $45.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 12.28% from the company’s current price.

A number of other equities research analysts have also recently commented on CART. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Macquarie increased their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Piper Sandler lifted their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Wedbush upped their price objective on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Gordon Haskett raised Maplebear from a “hold” rating to a “buy” rating and raised their price target for the stock from $37.00 to $45.00 in a report on Wednesday, June 5th. Eleven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Stock Down 0.3 %

NASDAQ:CART opened at $40.08 on Monday. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.58. The firm’s fifty day moving average is $34.86 and its 200-day moving average is $34.76.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s revenue was up 14.9% on a year-over-year basis. On average, research analysts forecast that Maplebear will post 1.12 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The disclosure for this sale can be found here. Insiders sold 67,655 shares of company stock worth $2,504,824 over the last quarter. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Maplebear during the fourth quarter valued at about $78,674,000. Vanguard Group Inc. raised its stake in shares of Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after acquiring an additional 150,544 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Maplebear in the 2nd quarter worth about $8,293,000. Investment House LLC bought a new stake in Maplebear in the second quarter worth about $750,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Maplebear in the first quarter worth approximately $1,673,000. 63.09% of the stock is owned by institutional investors.

Maplebear Company Profile

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.