Maplebear (NASDAQ:CART) Research Coverage Started at Macquarie

Macquarie began coverage on shares of Maplebear (NASDAQ:CART) in a research report report published on Monday, Marketbeat reports. The brokerage issued an outperform rating and a $42.00 price target on the stock.

A number of other research firms have also recently commented on CART. Wolfe Research lifted their price objective on Maplebear from $35.00 to $39.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. raised their price target on Maplebear from $35.00 to $45.00 and gave the stock an overweight rating in a research note on Monday. Barclays raised their price target on Maplebear from $40.00 to $41.00 and gave the stock an overweight rating in a research note on Wednesday, February 14th. Piper Sandler raised their price target on Maplebear from $36.00 to $45.00 and gave the stock an overweight rating in a research note on Friday, March 15th. Finally, Wedbush decreased their price target on Maplebear from $30.00 to $26.00 and set a neutral rating on the stock in a research note on Wednesday, December 27th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $36.61.

Maplebear Price Performance

Maplebear stock opened at $37.09 on Monday. Maplebear has a one year low of $22.13 and a one year high of $42.95. The firm has a fifty day simple moving average of $30.09.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to analysts’ expectations of $804.62 million. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Maplebear will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 18,689 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $37.62, for a total transaction of $703,080.18. Following the transaction, the general counsel now directly owns 264,379 shares of the company’s stock, valued at approximately $9,945,937.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Morgan Fong sold 18,689 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $37.62, for a total transaction of $703,080.18. Following the transaction, the general counsel now directly owns 264,379 shares of the company’s stock, valued at approximately $9,945,937.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the transaction, the director now directly owns 20,783 shares in the company, valued at $540,565.83. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 977,842 shares valued at $27,611,543.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of CART. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST purchased a new stake in Maplebear during the 3rd quarter worth approximately $105,469,000. TD Asset Management Inc purchased a new stake in Maplebear during the 3rd quarter worth approximately $6,640,000. Levin Capital Strategies L.P. bought a new stake in shares of Maplebear in the 3rd quarter valued at approximately $846,000. Industry Ventures L.L.C. bought a new stake in shares of Maplebear in the 3rd quarter valued at approximately $7,796,000. Finally, EFG Asset Management North America Corp. bought a new stake in shares of Maplebear in the 3rd quarter valued at approximately $270,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

About Maplebear

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.