Wall Street Zen Upgrades Maplebear (NASDAQ:CART) to Buy

Maplebear (NASDAQ:CART) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

CART has been the topic of a number of other reports. Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 price objective on shares of Maplebear in a research report on Monday, June 15th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price objective on shares of Maplebear in a research note on Thursday, May 7th. Barclays raised their target price on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Wedbush assumed coverage on Maplebear in a report on Thursday. They set an “outperform” rating and a $59.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.86.

Maplebear Stock Down 0.9%

Shares of NASDAQ CART opened at $45.82 on Friday. The stock has a market capitalization of $10.77 billion, a P/E ratio of 25.60, a PEG ratio of 0.63 and a beta of 0.75. The stock’s 50 day moving average price is $43.50 and its two-hundred day moving average price is $40.65. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the firm posted $0.37 earnings per share. Maplebear’s revenue was up 13.6% compared to the same quarter last year. On average, analysts anticipate that Maplebear will post 2.45 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp increased its position in Maplebear by 1.0% in the 4th quarter. State Street Corp now owns 5,461,637 shares of the company’s stock valued at $245,664,000 after acquiring an additional 54,872 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Maplebear by 31.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares in the last quarter. Viking Global Investors LP bought a new position in shares of Maplebear in the second quarter worth $169,782,000. Geode Capital Management LLC increased its holdings in shares of Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Maplebear by 3.2% during the fourth quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock valued at $147,892,000 after purchasing an additional 101,278 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

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.