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

Fox Advisors upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a strong-buy rating in a report published on Friday,Zacks.com reports.

Several other brokerages also recently commented on CART. BTIG Research reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a research note on Tuesday. Wedbush reissued an “underperform” rating and set a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Wells Fargo & Company lowered their price objective on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Saturday, September 27th. Finally, Barclays increased their price objective on shares of Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.42.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $38.18 on Friday. Maplebear has a 52 week low of $34.87 and a 52 week high of $53.50. The company has a market capitalization of $10.06 billion, a PE ratio of 22.07, a PEG ratio of 1.32 and a beta of 1.10. The company has a 50 day moving average price of $44.70 and a two-hundred day moving average price of $44.26.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In related news, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the transaction, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last three months. 26.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock worth $658,777,000 after purchasing an additional 546,472 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock worth $293,919,000 after purchasing an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Maplebear by 10.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after acquiring an additional 482,327 shares during the last quarter. State Street Corp lifted its stake in Maplebear by 1.3% in the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock valued at $230,809,000 after acquiring an additional 66,588 shares during the last quarter. Finally, Boston Partners lifted its stake in Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after acquiring an additional 1,911,771 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.