Macquarie Begins Coverage on Maplebear (NASDAQ:CART)

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

A number of other research analysts have also weighed in on the company. Sanford C. Bernstein raised Maplebear from a market perform rating to an outperform rating and lifted their target price for the company from $30.00 to $43.00 in a report on Thursday, March 14th. BMO Capital Markets initiated coverage on Maplebear in a research report on Tuesday, January 9th. They set a market perform rating and a $26.00 price target for the company. Piper Sandler lifted their price target on Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a research report on Friday, March 15th. Wolfe Research boosted their target price on Maplebear from $35.00 to $39.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. Finally, Benchmark downgraded Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $36.61.

Maplebear Stock Up 0.5 %

Shares of CART opened at $37.29 on Monday. The business has a 50-day moving average price of $30.32. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last posted its 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 company had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. The firm’s revenue was up 6.1% on a year-over-year basis. Sell-side analysts expect that Maplebear will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 82,461 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the transaction, the chief executive officer now owns 926,654 shares of the company’s stock, valued at $35,277,717.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Maplebear news, CEO Fidji Simo sold 82,461 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the sale, the chief executive officer now owns 926,654 shares in the company, valued at $35,277,717.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the transaction, the insider now owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 998,592 shares valued at $28,401,288. 4.02% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Institutional investors have recently made changes to their positions in the business. FMR LLC purchased a new stake in shares of Maplebear during the third quarter worth about $56,424,000. Blackstone Inc. purchased a new position in Maplebear during the 3rd quarter valued at approximately $17,369,000. KPCB DGF II Associates LLC purchased a new position in Maplebear during the 3rd quarter valued at approximately $119,544,000. Monashee Investment Management LLC purchased a new position in shares of Maplebear in the 3rd quarter worth approximately $6,069,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Maplebear in the 3rd quarter worth approximately $904,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.