Maplebear (NASDAQ:CART) Given New $41.00 Price Target at Morgan Stanley

Maplebear (NASDAQ:CART) had its price objective reduced by research analysts at Morgan Stanley from $45.00 to $41.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 1.94% from the company’s previous close.

CART has been the topic of several other reports. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Piper Sandler raised their price objective on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Wolfe Research began coverage on Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Raymond James began coverage on Maplebear in a research report on Tuesday. They set a “market perform” rating on the stock. Finally, BMO Capital Markets boosted their price target on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.62.

Maplebear Stock Down 4.6 %

Maplebear stock opened at $40.22 on Tuesday. The business’s 50-day moving average price is $34.86 and its 200 day moving average price is $34.76. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.58.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping 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 business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The business’s revenue was up 14.9% compared to the same quarter last year. Sell-side analysts forecast that Maplebear will post 1.12 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Fidji Simo sold 8,500 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the sale, the chief executive officer now owns 1,984,167 shares of the company’s stock, valued at approximately $65,556,877.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the sale, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,669 shares of company stock valued at $2,682,769. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CART. Parallel Advisors LLC raised its position in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the period. Cantor Fitzgerald L. P. increased its position 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 last quarter. nVerses Capital LLC raised its holdings in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in Maplebear in the 4th quarter valued at about $69,000. Finally, Quarry LP lifted its position in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other 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.