Maplebear (NASDAQ:CART) Earns “Overweight” Rating from Cantor Fitzgerald

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $45.00 target price on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 9.97% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Wedbush increased their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley boosted their price target on Maplebear from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. BMO Capital Markets increased their price objective on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Macquarie boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.81.

Maplebear Trading Down 2.9 %

Shares of NASDAQ:CART traded down $1.22 during midday trading on Monday, reaching $40.92. 643,714 shares of the company’s stock traded hands, compared to its average volume of 4,103,282. Maplebear has a one year low of $22.13 and a one year high of $42.58. The stock has a 50 day moving average of $34.75 and a 200 day moving average of $34.72.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The business’s revenue was up 14.9% on a year-over-year basis. Sell-side analysts expect that Maplebear will post 1.12 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 10,992 shares of Maplebear stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the transaction, the general counsel now owns 298,984 shares in the company, valued at approximately $12,371,957.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fidji Simo sold 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $33.04, for a total value of $280,840.00. Following the sale, the chief executive officer now directly owns 1,984,167 shares in the company, valued at $65,556,877.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,669 shares of company stock valued at $2,682,769. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Capital LLC boosted its holdings in shares of Maplebear by 4.3% in the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC increased its position in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the last quarter. Creative Planning raised its stake in shares of Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after acquiring an additional 831 shares during the period. nVerses Capital LLC lifted its holdings in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Cantor Fitzgerald L. P. boosted its stake in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after purchasing an additional 2,489 shares during the period. 63.09% of the stock is owned by 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.