Maplebear (NASDAQ:CART) Research Coverage Started at Raymond James

Raymond James started coverage on shares of Maplebear (NASDAQ:CART) in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage issued a market perform rating on the stock.

A number of other brokerages have also commented on CART. Cantor Fitzgerald reissued an overweight rating and issued a $45.00 price target on shares of Maplebear in a report on Monday. Gordon Haskett raised shares of Maplebear from a hold rating to a buy rating and upped their price objective for the company from $37.00 to $45.00 in a research note on Wednesday, June 5th. Morgan Stanley upped their price objective on shares of Maplebear from $43.00 to $45.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Piper Sandler upped their price objective on shares of Maplebear from $47.00 to $50.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Finally, Citigroup upped their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a buy rating in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Maplebear has an average rating of Moderate Buy and an average price target of $43.33.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $39.46 on Tuesday. The company’s fifty day moving average price is $35.03 and its 200-day moving average price is $34.84. Maplebear has a one year low of $22.13 and a one year high of $42.58.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts predict that Maplebear will post 1.12 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,655 shares of company stock valued at $2,504,824. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Maplebear in the 2nd quarter worth about $1,575,000. Quarry LP increased its stake in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares in the last quarter. Creative Planning increased its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares in the last quarter. Algert Global LLC bought a new position in shares of Maplebear in the 2nd quarter worth about $301,000. Finally, Sculptor Capital LP bought a new position in shares of Maplebear in the 2nd quarter worth about $77,361,000. 63.09% of the stock is currently 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.