Raymond James Initiates Coverage on Maplebear (NASDAQ:CART)

Research analysts at Raymond James assumed coverage on shares of Maplebear (NASDAQ:CART) in a note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “market perform” rating on the stock.

Several other research firms have also recently commented on CART. KeyCorp started coverage on shares of Maplebear in a research report on Thursday, July 11th. They issued a “sector weight” rating for the company. Citigroup lifted their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Piper Sandler upped their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, Wedbush upped their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Stock Up 1.0 %

CART opened at $40.50 on Tuesday. Maplebear has a one year low of $22.13 and a one year high of $42.58. The business has a 50 day simple moving average of $34.93 and a two-hundred day simple moving average of $34.80.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Research analysts anticipate that Maplebear will post 1.12 EPS for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the transaction, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The disclosure for this sale can be found here. Insiders sold 67,655 shares of company stock worth $2,504,824 over the last quarter. 36.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sculptor Capital LP purchased a new stake in Maplebear during the second quarter valued at approximately $77,361,000. Federated Hermes Inc. boosted its stake in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after acquiring an additional 876,439 shares during the last quarter. Industry Ventures L.L.C. grew its position in shares of Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after acquiring an additional 31,175 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Maplebear in the 1st quarter worth $31,109,000. Finally, Lord Abbett & CO. LLC bought a new position in Maplebear in the 1st quarter worth $28,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.