Maplebear (NASDAQ:CART) Rating Increased to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Maplebear (NASDAQ:CART) from a market perform rating to an outperform rating in a report issued on Tuesday morning, Marketbeat reports. They currently have $58.00 price target on the stock.

CART has been the topic of several other reports. JMP Securities boosted their target price on shares of Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Maplebear in a research note on Tuesday, October 14th. Jefferies Financial Group dropped their target price on shares of Maplebear from $55.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, October 17th. BTIG Research restated a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a research note on Tuesday, September 30th. Finally, Needham & Company LLC boosted their price target on Maplebear from $56.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.40.

Maplebear Price Performance

NASDAQ CART opened at $39.20 on Tuesday. The firm has a market capitalization of $10.33 billion, a PE ratio of 21.54, a P/E/G ratio of 1.15 and a beta of 1.10. The company’s 50 day simple moving average is $40.41 and its 200 day simple moving average is $43.94. Maplebear has a 12 month low of $34.78 and a 12 month high of $53.50.

Maplebear (NASDAQ:CART) last released its earnings results on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. During the same period in the previous year, the company earned $0.42 earnings per share. Maplebear’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Fidji Simo sold 7,140 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $47.30, for a total transaction of $337,722.00. Following the completion of the transaction, the director directly owned 573,807 shares in the company, valued at approximately $27,141,071.10. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the sale, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 27,556 shares of company stock worth $1,179,482. Insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Large investors have recently bought and sold shares of the company. MAI Capital Management increased its position in shares of Maplebear by 72.5% during the 3rd quarter. MAI Capital Management now owns 12,444 shares of the company’s stock worth $457,000 after purchasing an additional 5,232 shares during the last quarter. TD Asset Management Inc grew its holdings in Maplebear by 95.5% in the 3rd quarter. TD Asset Management Inc now owns 847,595 shares of the company’s stock valued at $31,158,000 after buying an additional 413,995 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Maplebear in the 3rd quarter valued at about $2,239,000. AXQ Capital LP acquired a new position in Maplebear in the 3rd quarter valued at $861,000. Finally, Ameritas Investment Partners Inc. grew its stake in Maplebear by 8.6% during the third quarter. Ameritas Investment Partners Inc. now owns 34,567 shares of the company’s stock worth $1,271,000 after buying an additional 2,723 shares in the last quarter. Institutional investors and hedge funds 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.