Maplebear (NASDAQ:CART) Receives Overweight Rating from Cantor Fitzgerald

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $45.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 11.25% from the stock’s current price.

Several other equities analysts have also commented on the company. KeyCorp started coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating for the company. Citigroup increased their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Morgan Stanley decreased their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Wedbush increased their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Trading Down 0.7 %

Shares of Maplebear stock opened at $40.45 on Monday. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.58. The business’s fifty day moving average price is $35.43 and its 200 day moving average price is $34.97.

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

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the sale, the chief accounting officer now owns 107,910 shares in the company, valued at approximately $3,779,008.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock worth $2,504,824 in the last quarter. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sculptor Capital LP bought a new stake in Maplebear in the second quarter worth about $77,361,000. Federated Hermes Inc. boosted its stake in shares of Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares in the last quarter. SG Americas Securities LLC bought a new stake in Maplebear during the 1st quarter valued at $31,109,000. Lord Abbett & CO. LLC bought a new stake in Maplebear during the 1st quarter valued at $28,674,000. Finally, Renaissance Technologies LLC bought a new position in Maplebear in the 2nd quarter worth $22,816,000. 63.09% of the stock is currently owned by hedge funds and other 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.