Maplebear (NASDAQ:CART) Price Target Raised to $60.00 at Oppenheimer

Maplebear (NASDAQ:CART) had its target price raised by Oppenheimer from $55.00 to $60.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus raised their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. BMO Capital Markets lifted their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Finally, Jefferies Financial Group initiated coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.2 %

Shares of CART stock opened at $42.00 on Wednesday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The business has a fifty day simple moving average of $42.17 and a 200-day simple moving average of $36.62. The stock has a market cap of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the firm posted ($20.86) EPS. On average, sell-side analysts anticipate that Maplebear will post 1.2 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Maplebear during the 3rd quarter valued at approximately $3,444,000. Pier Capital LLC grew its position in shares of Maplebear by 0.4% during the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after buying an additional 616 shares in the last quarter. XTX Topco Ltd acquired a new stake in Maplebear in the third quarter valued at $977,000. Finally, Zacks Investment Management bought a new position in Maplebear during the 3rd quarter valued at $4,853,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.