Maplebear (NASDAQ:CART) Raised to "Moderate Buy" at Raymond James Financial

Key Points

• Raymond James Financial upgraded Maplebear (NASDAQ:CART) from a "hold" to a Moderate Buy rating in its latest research report.
• The stock's consensus is a Moderate Buy with a consensus target price of $51.29, based on 1 Strong Buy, 15 Buy, 9 Hold and 2 Sell ratings from analysts.
• Company insiders have been selling recently: General Counsel Morgan Fong sold 126,083 shares at about $37.09 and CAO Lisa Blackwood-Kapral sold 9,390 shares, though insiders still own roughly 26% of the company.

Maplebear (NASDAQ:CART - Get Free Report) was upgraded by stock analysts at Raymond James Financial from a "hold" rating to a "moderate buy" rating in a research report issued on Thursday,Zacks.com reports.

CART has been the topic of several other reports. Weiss Ratings reissued a "hold (c)" rating on shares of Maplebear in a research report on Monday, December 29th. Benchmark dropped their target price on shares of Maplebear from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. Jefferies Financial Group raised shares of Maplebear from a "hold" rating to a "buy" rating and boosted their price objective for the company from $38.00 to $45.00 in a research report on Monday, March 30th. Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, February 14th. Finally, Cantor Fitzgerald boosted their price objective on shares of Maplebear from $45.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.29.

Maplebear Price Performance

Maplebear stock opened at $40.34 on Thursday. The firm's 50 day simple moving average is $37.10 and its 200-day simple moving average is $39.62. The company has a market cap of $9.71 billion, a P/E ratio of 25.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.88. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $53.50.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 126,083 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the transaction, the general counsel directly owned 386,643 shares of the company's stock, valued at approximately $14,340,588.87. The trade was a 24.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $38.74, for a total transaction of $363,768.60. Following the transaction, 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 Trading of Maplebear

Large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its position in Maplebear by 128.4% in the third quarter. Nordea Investment Management AB now owns 119,828 shares of the company's stock worth $4,254,000 after acquiring an additional 67,374 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Maplebear by 3,054.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company's stock worth $51,758,000 after acquiring an additional 1,363,352 shares in the last quarter. JPMorgan Chase & Co. grew its position in Maplebear by 27.8% in the third quarter. JPMorgan Chase & Co. now owns 1,328,968 shares of the company's stock worth $48,853,000 after acquiring an additional 288,839 shares in the last quarter. Deltec Asset Management LLC bought a new stake in Maplebear in the third quarter worth approximately $1,838,000. Finally, Renaissance Capital LLC grew its position in Maplebear by 33.3% in the third quarter. Renaissance Capital LLC now owns 170,345 shares of the company's stock worth $6,262,000 after acquiring an additional 42,598 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

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.

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