Piper Sandler Reiterates Overweight Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART - Get Free Report)'s stock had its "overweight" rating reaffirmed by investment analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They currently have a $47.00 price objective on the stock, up from their prior price objective of $45.00. Piper Sandler's target price would indicate a potential upside of 30.23% from the company's previous close.

CART has been the topic of several other reports. Needham & Company LLC reissued a "hold" rating on shares of Maplebear in a research report on Tuesday. Oppenheimer raised their price objective on shares of Maplebear from $36.00 to $48.00 and gave the stock an "outperform" rating in a research report on Monday, April 29th. Macquarie began coverage on Maplebear in a research note on Monday, March 25th. They set an "outperform" rating and a $42.00 target price on the stock. Benchmark restated a "hold" rating on shares of Maplebear in a research note on Tuesday. Finally, Loop Capital initiated coverage on Maplebear in a research report on Friday, April 19th. They set a "buy" rating and a $46.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.89.

Maplebear Price Performance

NASDAQ CART traded down $1.39 during trading on Thursday, reaching $36.09. 7,584,456 shares of the company's stock were exchanged, compared to its average volume of 4,136,903. The business has a 50 day moving average price of $36.17 and a 200-day moving average price of $29.15. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $794.08 million. Maplebear's revenue was up 8.0% on a year-over-year basis. On average, analysts predict that Maplebear will post 0.53 EPS for the current year.

Insider Activity at Maplebear

In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the acquisition, the insider now owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Maplebear news, CFO Nick Giovanni sold 900 shares of Maplebear stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the transaction, the chief financial officer now directly owns 591,077 shares of the company's stock, valued at approximately $20,687,695. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the transaction, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Renaissance Capital LLC grew its holdings in Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company's stock worth $548,000 after acquiring an additional 607 shares during the period. Parallel Advisors LLC grew its stake in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company's stock worth $25,000 after purchasing an additional 620 shares during the period. Signaturefd LLC bought a new stake in Maplebear in the third quarter worth approximately $30,000. Cantor Fitzgerald L. P. lifted its stake in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company's stock valued at $43,000 after buying an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Maplebear during the 4th quarter worth approximately $69,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.