Maplebear (NASDAQ:CART) Rating Increased to Strong-Buy at Mizuho

Maplebear (NASDAQ:CART - Get Free Report) was upgraded by investment analysts at Mizuho to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms have also recently commented on CART. JPMorgan Chase & Co. increased their target price on shares of Maplebear from $47.00 to $52.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Needham & Company LLC upgraded Maplebear from a "hold" rating to a "buy" rating and set a $56.00 target price on the stock in a research note on Monday. Bank of America increased their price target on Maplebear from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Barclays upped their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Finally, Piper Sandler lifted their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.31.

Maplebear Price Performance

Shares of NASDAQ:CART traded down $1.31 during trading hours on Monday, hitting $45.14. The company's stock had a trading volume of 3,444,181 shares, compared to its average volume of 6,684,640. The firm's fifty day moving average price is $43.61 and its 200 day moving average price is $39.57. Maplebear has a 52 week low of $22.70 and a 52 week high of $50.01. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of 30.30, a P/E/G ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. Maplebear's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,247 shares of the company's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at $3,694,660.92. This represents a 2.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now owns 287,659 shares in the company, valued at approximately $12,360,707.23. The trade was a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,128 shares of company stock worth $4,980,404 in the last quarter. Corporate insiders own 36.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Maplebear in the third quarter valued at about $33,000. Huntington National Bank acquired a new stake in Maplebear in the 3rd quarter valued at about $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear in the 3rd quarter worth approximately $74,000. Quarry LP boosted its holdings in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company's stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Maplebear in the third quarter valued at approximately $212,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

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.