Maplebear (NASDAQ:CART) Trading 5.5% Higher After Analyst Upgrade

Maplebear Inc. (NASDAQ:CART) was up 5.5% during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $43.00 to $45.00. Wells Fargo & Company currently has an equal weight rating on the stock. Maplebear traded as high as $37.79 and last traded at $37.6760. Approximately 1,184,631 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 5,116,530 shares. The stock had previously closed at $35.72.

Other analysts have also issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Jefferies Financial Group raised shares of Maplebear from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $45.00 in a report on Monday. Wall Street Zen raised Maplebear from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Fox Advisors lowered Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Finally, Needham & Company LLC boosted their price objective on Maplebear from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.29.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 126,083 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the sale, the general counsel owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. The trade was a 24.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $38.74, for a total transaction of $363,768.60. Following the transaction, the chief accounting officer directly owned 47,510 shares in the company, valued at approximately $1,840,537.40. The trade was a 16.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in Maplebear by 1.0% during the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after buying an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Maplebear by 114.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock worth $170,594,000 after purchasing an additional 2,026,567 shares during the last quarter. Viking Global Investors LP purchased a new position in Maplebear during the second quarter worth about $169,782,000. Geode Capital Management LLC raised its stake in Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after purchasing an additional 54,010 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in Maplebear by 3.2% in the 4th quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock valued at $147,892,000 after purchasing an additional 101,278 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Trading Up 5.8%

The firm’s fifty day simple moving average is $37.01 and its two-hundred day simple moving average is $39.92. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 0.55 and a beta of 0.98.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.