Loop Capital Initiates Coverage on Maplebear (NASDAQ:CART)

Research analysts at Loop Capital initiated coverage on shares of Maplebear (NASDAQ:CART) in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage set a “buy” rating and a $46.00 price target on the stock. Loop Capital’s target price indicates a potential upside of 26.37% from the stock’s previous close.

A number of other analysts have also commented on the company. Moffett Nathanson reissued a “neutral” rating and set a $37.00 price objective (up from $36.00) on shares of Maplebear in a report on Thursday, April 11th. JPMorgan Chase & Co. boosted their target price on Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Robert W. Baird boosted their target price on Maplebear from $31.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Benchmark downgraded Maplebear from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. Finally, Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.16.

Maplebear Price Performance

CART stock opened at $36.40 on Friday. The stock has a 50-day moving average price of $34.25 and a 200-day moving average price of $28.16. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

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

Insider Buying and Selling at Maplebear

In other Maplebear news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the transaction, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares in the company, valued at $540,565.83. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the acquisition, the insider now owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,157,745 shares of company stock worth $61,771,955 and sold 998,592 shares worth $28,401,288. Company insiders own 4.02% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its position in shares of 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 in the last quarter. Signaturefd LLC bought a new stake in Maplebear in the 3rd quarter worth approximately $30,000. Cantor Fitzgerald L. P. grew its position in Maplebear by 389.5% in 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. UBS Group AG bought a new stake in Maplebear in the 3rd quarter worth approximately $56,000. Finally, Kapitalo Investimentos Ltda bought a new stake in Maplebear in the 4th quarter worth approximately $69,000. Institutional investors own 63.09% of the company’s stock.

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.