Maplebear (NASDAQ:CART) Upgraded to “Strong-Buy” at Argus

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

A number of other brokerages have also commented on CART. Stifel Nicolaus lowered their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, January 27th. Needham & Company LLC increased their price target on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Citigroup lowered their price objective on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Finally, Wall Street Zen raised Maplebear from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Maplebear currently has an average rating of “Hold” and a consensus price target of $51.04.

Maplebear Trading Up 3.5%

Shares of NASDAQ:CART opened at $38.08 on Thursday. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 23.95, a P/E/G ratio of 0.56 and a beta of 0.98. The business has a fifty day simple moving average of $38.70 and a 200 day simple moving average of $40.72. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 26.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its position in shares of Maplebear by 43.6% during the 4th quarter. Pacer Advisors Inc. now owns 1,128,151 shares of the company’s stock valued at $50,744,000 after acquiring an additional 342,283 shares during the period. Compound Planning Inc. lifted its holdings in Maplebear by 2.8% during the 4th quarter. Compound Planning Inc. now owns 19,347 shares of the company’s stock worth $870,000 after buying an additional 523 shares during the period. Invesco Ltd. raised its holdings in Maplebear by 11.2% during the 4th quarter. Invesco Ltd. now owns 1,777,389 shares of the company’s stock worth $79,947,000 after purchasing an additional 179,459 shares during the last quarter. Corient Private Wealth LLC acquired a new stake in Maplebear during the 4th quarter worth about $843,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Maplebear during the 4th quarter worth approximately $1,206,000. 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.