Maplebear (NASDAQ:CART) Upgraded at BTIG Research

BTIG Research upgraded shares of Maplebear (NASDAQ:CART - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, MarketBeat.com reports. They currently have $58.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets lifted their target price on shares of Maplebear from $39.00 to $48.00 and gave the stock a "market perform" rating in a research report on Wednesday, November 13th. Wells Fargo & Company began coverage on Maplebear in a research report on Friday. They set an "equal weight" rating and a $47.00 price target on the stock. Oppenheimer boosted their target price on Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Robert W. Baird upped their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Finally, Needham & Company LLC upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $56.00 price target for the company in a research report on Monday. Thirteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.

Maplebear Stock Performance

Shares of CART stock traded up $1.94 during trading hours on Tuesday, hitting $46.45. 6,670,030 shares of the company were exchanged, compared to its average volume of 7,139,824. The company has a 50 day simple moving average of $43.61 and a two-hundred day simple moving average of $39.57. The firm has a market cap of $11.93 billion, a P/E ratio of 31.17, a P/E/G ratio of 1.08 and a beta of 1.04. Maplebear has a fifty-two week low of $22.70 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business's quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($20.86) earnings per share. As a group, sell-side analysts expect that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Alan Ramsay sold 2,247 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the sale, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock valued at $4,980,404 over the last ninety days. Company insiders own 36.00% of the company's stock.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in Maplebear in the 3rd quarter valued at about $33,000. Huntington National Bank purchased a new position in shares of Maplebear in the 3rd quarter worth $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear in the 3rd quarter worth about $74,000. Quarry LP increased its position in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company's stock worth $126,000 after acquiring an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Maplebear in the third quarter valued at about $212,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.