Maplebear (NASDAQ:CART) Raised to “Buy” at BTIG Research

Maplebear (NASDAQ:CART) was upgraded by analysts at BTIG Research from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $58.00 target price on the stock. BTIG Research’s price objective suggests a potential upside of 28.57% from the company’s previous close.

A number of other research firms also recently issued reports on CART. Raymond James started coverage on shares of Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Wells Fargo & Company initiated coverage on Maplebear in a research report on Friday, January 10th. They set an “equal weight” rating and a $47.00 price target on the stock. Bank of America upped their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Macquarie raised their price target on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus upped their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Maplebear Trading Down 2.9 %

Maplebear stock opened at $45.11 on Tuesday. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.08 and a beta of 1.04. The stock’s 50 day moving average is $43.61 and its 200-day moving average is $39.57. Maplebear has a 12 month low of $22.70 and a 12 month high of $50.01.

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

Insider Transactions at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the transaction, the chief accounting officer now directly owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 11,325 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. The trade was a 3.79 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,128 shares of company stock worth $4,980,404. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC Asset Management Inc raised its holdings in Maplebear by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares during the last quarter. Coldstream Capital Management Inc. increased its position in shares of Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after buying an additional 490 shares during the period. Oppenheimer & Co. Inc. raised its stake in Maplebear by 5.1% during the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after buying an additional 584 shares during the last quarter. Pier Capital LLC lifted its holdings in Maplebear by 0.4% in the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after buying an additional 616 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Maplebear in the third quarter valued at $33,000. 63.09% of the stock is owned by institutional investors and hedge funds.

About Maplebear

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.