Maplebear (NASDAQ:CART) Stock Rating Upgraded by Argus

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

Several other brokerages also recently weighed in on CART. Fox Advisors cut shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Cantor Fitzgerald raised their price target on shares of Maplebear from $45.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Citigroup reduced their target price on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Finally, JPMorgan Chase & Co. decreased their target price on Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.04.

Maplebear Trading Up 3.5%

CART stock traded up $1.30 during mid-day trading on Thursday, hitting $38.08. The stock had a trading volume of 4,409,451 shares, compared to its average volume of 5,523,030. Maplebear has a 1-year low of $32.73 and a 1-year high of $53.50. The company has a fifty day moving average of $38.70 and a 200 day moving average of $40.72. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 0.56 and a beta of 0.98.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. PenderFund Capital Management Ltd. bought a new stake in shares of Maplebear during the fourth quarter worth approximately $27,000. Hantz Financial Services Inc. raised its position in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares during the last quarter. Allworth Financial LP raised its position in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.