Jefferies Financial Group Upgrades Maplebear (NASDAQ:CART) to Buy

Maplebear (NASDAQ:CART) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Monday, Marketbeat Ratings reports. The firm presently has a $45.00 target price on the stock, up from their previous target price of $38.00. Jefferies Financial Group’s target price would suggest a potential upside of 20.13% from the stock’s current price.

Several other equities analysts have also issued reports on CART. Benchmark decreased their price target on Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. BNP Paribas Exane began coverage on Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price objective on the stock. Cantor Fitzgerald lifted their target price on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Argus raised Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Finally, Stifel Nicolaus dropped their target price on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, January 27th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.29.

Maplebear Price Performance

Shares of CART opened at $37.46 on Monday. The firm has a 50 day simple moving average of $36.95 and a two-hundred day simple moving average of $39.80. Maplebear has a one year low of $32.73 and a one year high of $53.50. The company has a market cap of $9.01 billion, a P/E ratio of 23.56, a P/E/G ratio of 0.57 and a beta of 0.98.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares in the company, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $38.74, for a total value of $363,768.60. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its position in Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after buying an additional 244 shares during the period. Smartleaf Asset Management LLC increased its position in Maplebear by 9.6% in the 2nd 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 during the period. Rafferty Asset Management LLC raised its stake in shares of Maplebear by 2.5% during 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. raised its stake in shares of Maplebear by 5.0% during the third quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock valued at $236,000 after acquiring an additional 304 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Maplebear by 78.6% during the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the period. Institutional investors own 63.09% of the company’s stock.

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.