Maplebear (NASDAQ:CART) Stock Rating Reaffirmed by Piper Sandler

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a research note issued to investors on Thursday, Benzinga reports. They currently have a $47.00 price objective on the stock, up from their prior price objective of $45.00. Piper Sandler’s target price would suggest a potential upside of 26.51% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Sanford C. Bernstein raised shares of Maplebear from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Wolfe Research raised their target price on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. upped their price target on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, March 25th. Moffett Nathanson restated a “neutral” rating and set a $37.00 price objective (up from $36.00) on shares of Maplebear in a research report on Thursday, April 11th. Finally, Robert W. Baird lifted their target price on Maplebear from $31.00 to $44.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.53.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $37.15 on Thursday. The stock’s fifty day simple moving average is $36.05 and its 200 day simple moving average is $29.09. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. Maplebear’s quarterly revenue was up 8.0% on a year-over-year basis. Analysts predict that Maplebear will post 0.53 EPS for the current year.

Insider Transactions at Maplebear

In related news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the purchase, the insider now owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the transaction, the chief accounting officer now directly owns 114,205 shares in the company, valued at $3,920,657.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the transaction, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC bought a new stake in shares of Maplebear in the third quarter valued at approximately $30,000. Parallel Advisors LLC boosted its holdings in Maplebear by 139.3% in the 4th 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. boosted its holdings in Maplebear by 389.5% in the 4th 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 period. Kapitalo Investimentos Ltda acquired a new stake in Maplebear in the 4th quarter worth $69,000. Finally, Amalgamated Bank bought a new position in shares of Maplebear during the 4th quarter worth about $94,000. 63.09% of the stock is owned by institutional investors.

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.