Maplebear (NASDAQ:CART) Raised to Strong-Buy at Seaport Res Ptn

Maplebear (NASDAQ:CART) was upgraded by stock analysts at Seaport Res Ptn to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages have also recently weighed in on CART. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Tuesday, January 14th. Loop Capital increased their price target on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Mizuho started coverage on shares of Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler raised their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.96.

Maplebear Stock Performance

Shares of CART opened at $49.99 on Wednesday. The firm has a market cap of $12.84 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 1.09 and a beta of 1.07. Maplebear has a fifty-two week low of $24.52 and a fifty-two week high of $50.91. The business has a 50-day moving average of $44.96 and a 200 day moving average of $41.46.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the prior year, the company posted ($20.86) EPS. Maplebear’s revenue was up 11.5% compared to the same quarter last year. As a group, research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,555 shares of company stock valued at $2,164,787. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its holdings in Maplebear by 82.6% in the 4th quarter. Canada Pension Plan Investment Board now owns 243,800 shares of the company’s stock worth $10,098,000 after buying an additional 110,300 shares during the period. Zacks Investment Management grew its holdings in shares of Maplebear by 8.2% in the fourth quarter. Zacks Investment Management now owns 128,863 shares of the company’s stock valued at $5,338,000 after purchasing an additional 9,748 shares in the last quarter. Marshall Wace LLP raised its stake in Maplebear by 199.2% during the fourth quarter. Marshall Wace LLP now owns 1,758,380 shares of the company’s stock valued at $72,832,000 after purchasing an additional 1,170,634 shares in the last quarter. NewEdge Advisors LLC raised its stake in Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after purchasing an additional 717 shares in the last quarter. Finally, Jump Financial LLC grew its stake in shares of Maplebear by 41.2% in the 4th quarter. Jump Financial LLC now owns 189,342 shares of the company’s stock worth $7,843,000 after buying an additional 55,242 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.