Maplebear (NASDAQ:CART) Upgraded by Jefferies Financial Group to Buy Rating

Maplebear (NASDAQ:CART) was upgraded by stock analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $45.00 target price on the stock. Jefferies Financial Group’s target price suggests a potential upside of 25.98% from the stock’s previous close.

A number of other brokerages also recently weighed in on CART. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Monday, December 29th. Benchmark reduced their target price on Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Argus raised Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. BNP Paribas Exane started coverage on Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price target on the stock. Finally, Fox Advisors downgraded Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.21.

Maplebear Stock Performance

Shares of CART stock opened at $35.72 on Monday. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 0.55 and a beta of 0.98. The firm’s 50-day moving average is $37.01 and its 200-day moving average is $39.92.

Insider Buying and Selling

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $38.74, for a total value of $363,768.60. Following the transaction, the chief accounting officer owned 47,510 shares of the company’s stock, valued at approximately $1,840,537.40. This represents a 16.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Maplebear by 9.6% during the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock worth $134,000 after acquiring an additional 261 shares during the period. Rafferty Asset Management LLC raised its stake in Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after purchasing an additional 273 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after purchasing an additional 304 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its holdings in Maplebear by 78.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after purchasing an additional 389 shares during the period. Institutional investors 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.