Maplebear (NASDAQ:CART) Trading Up 4% – What’s Next?

Maplebear Inc. (NASDAQ:CART)’s share price was up 4% during trading on Monday . The company traded as high as $42.25 and last traded at $42.03. Approximately 1,088,599 shares changed hands during trading, a decline of 73% from the average daily volume of 4,042,406 shares. The stock had previously closed at $40.41.

Analysts Set New Price Targets

CART has been the topic of several research reports. Wolfe Research began coverage on shares of Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. BMO Capital Markets upped their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Bank of America raised their price target on shares of Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Raymond James started coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Stock Up 4.9 %

The firm’s 50 day simple moving average is $36.11 and its 200-day simple moving average is $35.09.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities research analysts forecast that Maplebear Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,655 shares of company stock valued at $2,504,824 in the last ninety days. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

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

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.