Maplebear (NASDAQ:CART) Price Target Raised to $58.00

Maplebear (NASDAQ:CART) had its price target boosted by Piper Sandler from $50.00 to $58.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also commented on CART. JPMorgan Chase & Co. raised their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup lifted their price target on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Bank of America increased their price target on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wedbush boosted their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Performance

NASDAQ CART opened at $42.00 on Wednesday. The firm has a market capitalization of $10.95 billion, a P/E ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. The stock has a 50-day simple moving average of $42.17 and a two-hundred day simple moving average of $36.62. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($20.86) EPS. As a group, analysts forecast 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 8,345 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. This represents a 2.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in shares of Maplebear during the 1st quarter valued at approximately $213,000. Russell Investments Group Ltd. acquired a new stake in Maplebear during the first quarter worth $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Maplebear in the first quarter valued at $6,462,000. Lord Abbett & CO. LLC acquired a new position in shares of Maplebear in the 1st quarter valued at $28,674,000. Finally, Vanguard Group Inc. grew its holdings in shares of Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after purchasing an additional 150,544 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.