Maplebear (NASDAQ:CART) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a buy rating in a report released on Saturday.

A number of other research analysts also recently commented on the company. JPMorgan Chase & Co. reduced their target price on Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Fox Advisors lowered Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Stifel Nicolaus reduced their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Jefferies Financial Group boosted their target price on shares of Maplebear from $41.00 to $48.00 and gave the company a “hold” rating in a research note on Thursday, December 11th. Finally, Cantor Fitzgerald increased their target price on shares of Maplebear from $45.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Maplebear currently has a consensus rating of “Hold” and an average target price of $51.38.

Maplebear Stock Performance

Shares of CART stock opened at $36.30 on Friday. The stock has a market capitalization of $9.53 billion, a price-to-earnings ratio of 22.83, a PEG ratio of 0.94 and a beta of 1.00. Maplebear has a one year low of $32.73 and a one year high of $53.50. The company’s 50-day simple moving average is $41.02 and its 200-day simple moving average is $41.69.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the transaction, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 26.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB grew its stake in shares of Maplebear by 128.4% in the 3rd quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock valued at $4,254,000 after buying an additional 67,374 shares in the last quarter. JPMorgan Chase & Co. raised its position in Maplebear by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock valued at $47,055,000 after acquiring an additional 72,643 shares in the last quarter. Champlain Investment Partners LLC lifted its stake in Maplebear by 64.4% in the second quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock valued at $97,583,000 after acquiring an additional 845,070 shares during 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. Finally, Sentry Investment Management LLC acquired a new position in shares of Maplebear during the 2nd quarter worth $391,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.