Maplebear (NASDAQ:CART) Earns Buy Rating from Analysts at Loop Capital

Loop Capital initiated coverage on shares of Maplebear (NASDAQ:CART) in a research note published on Friday morning, MarketBeat.com reports. The firm issued a buy rating and a $46.00 target price on the stock.

CART has been the topic of several other reports. Robert W. Baird lifted their price target on shares of Maplebear from $31.00 to $44.00 and gave the company an outperform rating in a report on Monday, April 1st. Wedbush cut their target price on shares of Maplebear from $30.00 to $26.00 and set a neutral rating on the stock in a research report on Wednesday, December 27th. Macquarie began coverage on shares of Maplebear in a research report on Monday, March 25th. They set an outperform rating and a $42.00 target price on the stock. Benchmark downgraded shares of Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. Finally, BMO Capital Markets started coverage on shares of Maplebear in a research report on Tuesday, January 9th. They set a market perform rating and a $26.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear currently has a consensus rating of Moderate Buy and an average target price of $38.16.

Maplebear Stock Up 2.4 %

Shares of Maplebear stock opened at $36.09 on Friday. The firm’s 50 day moving average is $34.60 and its 200 day moving average is $28.31. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The firm’s revenue was up 6.1% on a year-over-year basis. As a group, analysts predict that Maplebear will post 0.53 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 12,113 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the sale, the chief accounting officer now directly owns 114,205 shares of the company’s stock, valued at $3,920,657.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the transaction, the chief accounting officer now directly owns 114,205 shares in the company, valued at $3,920,657.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,008,592 shares valued at $28,770,988.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC grew its position in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the last quarter. Signaturefd LLC bought a new position in Maplebear during the third quarter valued at approximately $30,000. Cantor Fitzgerald L. P. grew its position in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda bought a new position in Maplebear during the fourth quarter valued at approximately $69,000. Finally, Amalgamated Bank bought a new position in Maplebear during the fourth quarter valued at approximately $94,000. 63.09% of the stock is currently owned by institutional investors.

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.