Maplebear (NASDAQ:CART) Rating Increased to Strong-Buy at Argus

Maplebear (NASDAQ:CART) was upgraded by investment analysts at Argus to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC lifted their price target on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. BNP Paribas Exane assumed coverage on Maplebear in a research note on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price objective for the company. Benchmark dropped their target price on Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Jefferies Financial Group upped their price target on Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Thursday, December 11th. Finally, Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Maplebear has a consensus rating of “Hold” and an average price target of $51.04.

Maplebear Stock Performance

Shares of CART opened at $38.08 on Thursday. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50. The stock has a market capitalization of $9.16 billion, a PE ratio of 23.95, a P/E/G ratio of 0.56 and a beta of 0.98. The company’s 50-day simple moving average is $38.70 and its 200-day simple moving average is $40.72.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the transaction, the general counsel directly owned 404,940 shares in the company, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its stake in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Maplebear by 9.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock worth $134,000 after buying an additional 261 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after purchasing an additional 273 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after acquiring an additional 304 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in Maplebear by 78.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after buying an additional 389 shares in the last quarter. 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.