Cantor Fitzgerald Reaffirms “Overweight” Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $55.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 12.75% from the company’s current price.

A number of other brokerages have also recently commented on CART. Macquarie increased their price target on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. BTIG Research raised Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, January 14th. Piper Sandler raised their price objective on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and set a $56.00 target price on shares of Maplebear in a report on Wednesday. Finally, Seaport Res Ptn upgraded Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.52.

Maplebear Stock Performance

NASDAQ:CART opened at $48.78 on Wednesday. Maplebear has a 52-week low of $29.72 and a 52-week high of $53.44. The company has a market cap of $12.53 billion, a P/E ratio of 32.74, a P/E/G ratio of 1.19 and a beta of 1.07. The stock’s 50-day simple moving average is $46.46 and its 200 day simple moving average is $42.68.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.16. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, equities analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,311 shares of company stock valued at $1,088,636 over the last quarter. 36.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. lifted its position in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after buying an additional 4,487,654 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Maplebear during the third quarter worth about $158,701,000. Boston Partners bought a new position in Maplebear in the 4th quarter valued at approximately $111,506,000. Altimeter Capital Management LP acquired a new stake in Maplebear during the 4th quarter worth approximately $105,108,000. Finally, Vanguard Group Inc. grew its holdings in Maplebear by 16.8% during the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after acquiring an additional 2,300,288 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.