Maplebear (NASDAQ:CART) Coverage Initiated at Mizuho

Mizuho initiated coverage on shares of Maplebear (NASDAQ:CART) in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $55.00 price objective on the stock.

Several other research firms also recently issued reports on CART. Needham & Company LLC raised shares of Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Monday. Oppenheimer lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Piper Sandler raised their price target on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, BMO Capital Markets lifted their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Maplebear Trading Up 4.4 %

Shares of NASDAQ CART opened at $46.45 on Tuesday. The firm has a market capitalization of $11.93 billion, a P/E ratio of 31.17, a P/E/G ratio of 1.08 and a beta of 1.04. The firm’s 50-day moving average price is $43.61 and its 200-day moving average price is $39.57. Maplebear has a 1-year low of $22.70 and a 1-year high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the business earned ($20.86) EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. Equities research analysts forecast that Maplebear will post 1.4 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the transaction, the chief accounting officer now directly owns 89,982 shares of the company’s stock, valued at $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock valued at $4,980,404 over the last three months. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Maplebear during the 3rd quarter worth approximately $33,000. Huntington National Bank bought a new position in shares of Maplebear in the third quarter worth $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear in the third quarter worth $74,000. Quarry LP boosted its stake in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new position in Maplebear during the third quarter worth about $212,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.