Maplebear (NASDAQ:CART) Given “Overweight” Rating at Piper Sandler

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating restated by analysts at Piper Sandler in a report issued on Thursday, Benzinga reports. They currently have a $47.00 target price on the stock, up from their previous target price of $45.00. Piper Sandler’s target price suggests a potential upside of 26.51% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. 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 report on Monday, April 1st. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Tuesday. Oppenheimer upped their price objective on shares of Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Macquarie began coverage on shares of Maplebear in a research report on Monday, March 25th. They issued an “outperform” rating and a $42.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research note on Tuesday. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $39.53.

Maplebear Trading Down 0.9 %

NASDAQ CART opened at $37.15 on Thursday. The firm’s 50 day simple moving average is $36.05 and its 200 day simple moving average is $29.09. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

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

Insider Buying and Selling

In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the sale, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 438,361 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were acquired at an average cost of $29.69 per share, with a total value of $13,014,938.09. Following the purchase, the insider now owns 2,012,859 shares in the company, valued at $59,761,783.71. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last quarter, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently modified their holdings of the company. Renaissance Capital LLC grew its position in Maplebear by 4.3% in the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC lifted its stake in shares of Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after buying an additional 620 shares in the last quarter. Signaturefd LLC acquired a new position in shares of Maplebear during the third quarter valued at about $30,000. Cantor Fitzgerald L. P. increased its position in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Maplebear in the 4th quarter worth about $69,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

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.