Maplebear’s (CART) “Outperform” Rating Reaffirmed at Macquarie

Maplebear (NASDAQ:CART)‘s stock had its “outperform” rating restated by analysts at Macquarie in a research note issued to investors on Friday, Benzinga reports. They currently have a $44.00 target price on the stock. Macquarie’s price objective suggests a potential upside of 28.28% from the stock’s previous close.

A number of other brokerages have also weighed in on CART. Oppenheimer upped their target price on Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a research note on Monday, April 29th. Citigroup upped their price objective on Maplebear from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. BMO Capital Markets upped their price objective on Maplebear from $26.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday, May 9th. Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a report on Monday, April 1st. Finally, JMP Securities upped their price objective on Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a report on Thursday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $41.60.

Maplebear Stock Performance

Shares of NASDAQ:CART traded up $0.21 during midday trading on Friday, reaching $34.30. 1,097,354 shares of the company traded hands, compared to its average volume of 4,151,340. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95. The firm’s fifty day moving average price is $33.18 and its two-hundred day moving average price is $32.41.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. The business’s quarterly revenue was up 8.0% on a year-over-year basis. Research analysts predict that Maplebear will post 1.02 EPS for the current year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 2,500 shares of Maplebear stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the sale, the chief executive officer now directly owns 1,992,667 shares in the company, valued at approximately $67,372,071.27. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Fidji Simo sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the completion of the transaction, the chief executive officer now owns 1,992,667 shares in the company, valued at approximately $67,372,071.27. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 12,178 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $34.90, for a total value of $425,012.20. Following the completion of the transaction, the chief accounting officer now owns 118,142 shares of the company’s stock, valued at approximately $4,123,155.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,008 shares of company stock worth $2,795,362. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Atomi Financial Group Inc. purchased a new position in Maplebear during the second quarter valued at $637,000. State of Michigan Retirement System purchased a new position in Maplebear during the second quarter valued at $484,000. Bank of New York Mellon Corp raised its stake in Maplebear by 936.7% during the second quarter. Bank of New York Mellon Corp now owns 489,761 shares of the company’s stock valued at $15,741,000 after buying an additional 442,517 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in Maplebear during the second quarter valued at $704,000. Finally, Investment House LLC purchased a new position in Maplebear during the second quarter valued at $750,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

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.