Maplebear (NASDAQ:CART) Rating Increased to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a buy rating in a research report report published on Monday morning, Marketbeat reports. Jefferies Financial Group currently has $45.00 price target on the stock, up from their prior price target of $38.00.

CART has been the topic of several other reports. Needham & Company LLC lifted their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Fox Advisors cut Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Argus upgraded Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. Finally, Wells Fargo & Company reduced their price objective on Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

Maplebear Price Performance

Maplebear stock opened at $37.19 on Monday. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The firm’s 50 day simple moving average is $36.97 and its 200-day simple moving average is $39.86. The company has a market cap of $8.95 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 0.55 and a beta of 0.98.

Insider Buying and Selling at Maplebear

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $38.74, for a total transaction of $363,768.60. Following the transaction, the chief accounting officer directly owned 47,510 shares in the company, valued at $1,840,537.40. The trade was a 16.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 126,083 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares in the company, valued at $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Maplebear by 9.6% during the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after acquiring an additional 261 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Maplebear by 2.5% in the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock valued at $498,000 after acquiring an additional 273 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in Maplebear by 5.0% in the third quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after acquiring an additional 304 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its position in Maplebear by 78.6% in 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 in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.