Jefferies Financial Group Initiates Coverage on Maplebear (NASDAQ:CART)

Research analysts at Jefferies Financial Group started coverage on shares of Maplebear (NASDAQ:CART) in a note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “hold” rating and a $43.00 price target on the stock. Jefferies Financial Group’s price target suggests a potential upside of 0.70% from the company’s current price.

A number of other research analysts also recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Macquarie boosted their price target on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Citigroup increased their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley dropped their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. Finally, Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.10.

Maplebear Stock Performance

Shares of Maplebear stock opened at $42.70 on Wednesday. The business has a 50-day simple moving average of $37.61 and a 200-day simple moving average of $35.40. The company has a market cap of $11.30 billion and a PE ratio of -2.16. Maplebear has a one year low of $22.13 and a one year high of $45.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Maplebear will post 1.14 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,955 shares of company stock worth $2,480,317 over the last ninety days. 36.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning increased its stake in shares of Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after buying an additional 831 shares during the last quarter. nVerses Capital LLC raised its stake in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Maplebear by 3.2% in the third quarter. Exchange Traded Concepts LLC now owns 64,943 shares of the company’s stock worth $2,646,000 after acquiring an additional 1,993 shares during the last quarter. Great Valley Advisor Group Inc. boosted its stake in Maplebear by 32.1% in the second quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock valued at $331,000 after acquiring an additional 2,500 shares during the period. Finally, BBR Partners LLC grew its holdings in shares of Maplebear by 11.5% during the second quarter. BBR Partners LLC now owns 24,164 shares of the company’s stock valued at $777,000 after purchasing an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors 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.