Maplebear (NASDAQ:CART) Stock Price Up 5.5% Following Analyst Upgrade

Maplebear Inc. (NASDAQ:CART) was up 5.5% on Monday after Wells Fargo & Company raised their price target on the stock from $43.00 to $45.00. Wells Fargo & Company currently has an equal weight rating on the stock. Maplebear traded as high as $37.79 and last traded at $37.6760. Approximately 1,184,631 shares were traded during trading, a decline of 77% from the average daily volume of 5,116,530 shares. The stock had previously closed at $35.72.

Other equities analysts also recently issued reports about the company. Benchmark lowered their price objective on Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Wall Street Zen raised shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. BNP Paribas Exane started coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price target for the company. Needham & Company LLC boosted their price target on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Stifel Nicolaus dropped their price objective on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.29.

Insider Transactions at Maplebear

In related news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $38.74, for a total transaction of $363,768.60. Following the completion of the sale, the chief accounting officer owned 47,510 shares in the company, valued at $1,840,537.40. The trade was a 16.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 126,083 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares of the company’s stock, valued at $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. State Street Corp raised its stake in Maplebear by 1.0% during the 4th quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after acquiring an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after acquiring an additional 2,026,567 shares during the last quarter. Viking Global Investors LP acquired a new position in Maplebear in the second quarter valued at $169,782,000. Geode Capital Management LLC boosted its stake in Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after acquiring an additional 54,010 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Maplebear by 3.2% during the fourth quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock worth $147,892,000 after purchasing an additional 101,278 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Stock Up 4.1%

The firm has a fifty day simple moving average of $36.97 and a 200-day simple moving average of $39.86. The company has a market cap of $8.95 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 0.55 and a beta of 0.98.

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.