Maplebear (NASDAQ:CART) Upgraded at Argus

Argus upgraded shares of Maplebear (NASDAQ:CART) to a strong-buy rating in a research note issued to investors on Thursday morning,Zacks.com reports.

CART has been the topic of several other reports. Benchmark lowered their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Jefferies Financial Group increased their target price on shares of Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Thursday, December 11th. Citigroup lowered their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Needham & Company LLC upped their price objective on Maplebear from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Hold” and a consensus price target of $51.04.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $38.08 on Thursday. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The firm has a market capitalization of $9.16 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 0.58 and a beta of 0.98. The stock’s 50-day simple moving average is $38.70 and its 200-day simple moving average is $40.68.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently added to or reduced their stakes in CART. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear in the 4th quarter valued at approximately $27,000. Hantz Financial Services Inc. grew its holdings in Maplebear by 78.6% during the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after acquiring an additional 389 shares during the period. Allworth Financial LP raised its position in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after acquiring an additional 244 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in Maplebear in the third quarter worth $43,000. Finally, IFP Advisors Inc lifted its holdings in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.