Morgan Stanley Boosts Maplebear (NASDAQ:CART) Price Target to $40.00

Maplebear (NASDAQ:CART) had its target price raised by Morgan Stanley from $28.00 to $40.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

CART has been the subject of a number of other reports. Fox Advisors downgraded shares of Maplebear from an overweight rating to an equal weight rating in a report on Monday, April 1st. BMO Capital Markets initiated coverage on Maplebear in a research report on Tuesday, January 9th. They set a market perform rating and a $26.00 price objective on the stock. Benchmark downgraded Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. upped their price target on shares of Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a research report on Monday, March 25th. Finally, Robert W. Baird lifted their price objective on Maplebear from $31.00 to $44.00 and gave the stock an outperform rating in a report on Monday, April 1st. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $40.89.

Maplebear Trading Down 3.7 %

Shares of CART stock opened at $36.09 on Monday. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95. The business’s fifty day moving average is $36.17 and its 200 day moving average is $29.15.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $794.08 million. The company’s revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts predict that Maplebear will post 0.53 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now directly owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $34.33, for a total transaction of $415,839.29. Following the transaction, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at $3,920,657.65. The disclosure for this sale can be found here. In the last quarter, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares in the last quarter. Signaturefd LLC bought a new stake in Maplebear during the 3rd quarter valued at about $30,000. Cantor Fitzgerald L. P. raised its holdings in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Maplebear during the fourth quarter valued at approximately $69,000. Finally, Amalgamated Bank bought a new position in Maplebear in the 4th quarter valued at approximately $94,000. 63.09% of the stock is owned by 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.