Macquarie Begins Coverage on Maplebear (NASDAQ:CART)

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

CART has been the topic of several other research reports. JPMorgan Chase & Co. upped their price target on Maplebear from $35.00 to $45.00 and gave the stock an overweight rating in a report on Monday. Wedbush lowered their price objective on Maplebear from $30.00 to $26.00 and set a neutral rating for the company in a research report on Wednesday, December 27th. BMO Capital Markets assumed coverage on Maplebear in a research report on Tuesday, January 9th. They set a market perform rating and a $26.00 price objective for the company. Benchmark cut Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. Finally, Wolfe Research upped their target price on Maplebear from $35.00 to $39.00 and gave the company an outperform rating in a research report on Tuesday, March 5th. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Maplebear has a consensus rating of Moderate Buy and an average target price of $36.61.

Maplebear Price Performance

Maplebear stock opened at $37.29 on Monday. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95. The firm has a 50 day simple moving average of $30.32.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that Maplebear will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $38.06, for a total value of $789,745.00. Following the completion of the sale, the chief executive officer now directly owns 888,365 shares in the company, valued at $33,811,171.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $38.06, for a total transaction of $789,745.00. Following the sale, the chief executive officer now directly owns 888,365 shares of the company’s stock, valued at approximately $33,811,171.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the purchase, the insider now owns 1,036,683 shares in the company, valued at $28,923,455.70. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,157,745 shares of company stock worth $61,771,955 and sold 998,592 shares worth $28,401,288. 4.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Maplebear in the third quarter valued at about $30,000. Cantor Fitzgerald L. P. grew its position in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares during the last quarter. UBS Group AG acquired a new stake in shares of Maplebear in the third quarter valued at about $56,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Maplebear in the third quarter valued at about $74,000. 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.