Cantor Fitzgerald Reaffirms “Overweight” Rating for Maplebear (NASDAQ:CART)

by · The Markets Daily

Maplebear (NASDAQ:CART – Get Free Report)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They currently have a $45.00 price objective on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 12.28% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Wedbush boosted their price objective on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Citigroup increased their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Macquarie raised their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Gordon Haskett raised Maplebear from a “hold” rating to a “buy” rating and upped their target price for the company from $37.00 to $45.00 in a research report on Wednesday, June 5th. Finally, KeyCorp assumed coverage on Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating for the company. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Check Out Our Latest Analysis on CART

Maplebear Price Performance

CART opened at $40.08 on Monday. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.58. The business’s fifty day simple moving average is $34.86 and its 200-day simple moving average is $34.76.

Maplebear (NASDAQ:CART – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Equities analysts predict that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the sale, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock valued at $2,504,824 over the last quarter. 36.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CART. Parallel Advisors LLC lifted its stake in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the period. Cantor Fitzgerald L. P. lifted its position in Maplebear by 389.5% in the fourth 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. nVerses Capital LLC boosted its holdings in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new position in Maplebear during the 4th quarter worth approximately $69,000. Finally, Quarry LP raised its stake 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 buying an additional 2,865 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

(Get Free Report)

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.

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