Maplebear (NASDAQ:CART) Shares Up 3.8% Following Analyst Upgrade

Maplebear Inc. (NASDAQ:CART)’s share price shot up 3.8% on Monday after Barclays raised their price target on the stock from $58.00 to $61.00. Barclays currently has an overweight rating on the stock. Maplebear traded as high as $46.95 and last traded at $46.92. 2,056,577 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 4,116,189 shares. The stock had previously closed at $45.22.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company decreased their price target on shares of Maplebear from $47.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, April 3rd. JMP Securities reiterated a “market outperform” rating and set a $55.00 price target on shares of Maplebear in a report on Friday, April 11th. Loop Capital decreased their price objective on shares of Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, March 6th. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Tuesday, January 14th. Finally, FBN Securities assumed coverage on shares of Maplebear in a research note on Friday, March 28th. They set a “sector perform” rating and a $44.00 price objective on the stock. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $50.61.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 5,249 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $42.57, for a total transaction of $223,449.93. Following the transaction, the general counsel now directly owns 484,292 shares in the company, valued at $20,616,310.44. This represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the completion of the sale, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,165 shares of company stock valued at $1,541,785 over the last 90 days. 26.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management lifted its position in shares of Maplebear by 53.6% during the first quarter. Neo Ivy Capital Management now owns 53,158 shares of the company’s stock worth $2,120,000 after purchasing an additional 18,559 shares in the last quarter. Hedeker Wealth LLC purchased a new stake in Maplebear during the 1st quarter worth approximately $1,308,000. Assetmark Inc. purchased a new position in Maplebear in the 1st quarter valued at approximately $3,729,000. Cetera Investment Advisers grew its stake in shares of Maplebear by 333.5% in the first quarter. Cetera Investment Advisers now owns 35,305 shares of the company’s stock worth $1,408,000 after acquiring an additional 27,161 shares in the last quarter. Finally, a16z Perennial Management L.P. increased its position in shares of Maplebear by 250.4% during the first quarter. a16z Perennial Management L.P. now owns 227,839 shares of the company’s stock worth $9,088,000 after acquiring an additional 379,356 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

The firm has a market capitalization of $11.97 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 1.19 and a beta of 1.19. The firm has a 50 day moving average price of $40.28 and a 200-day moving average price of $43.52.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $897.00 million during the quarter, compared to analysts’ expectations of $896.86 million. During the same quarter in the prior year, the firm earned $0.43 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. Equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

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.