BMO Capital Markets Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target hoisted by analysts at BMO Capital Markets from $39.00 to $48.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 11.81% from the company’s previous close.

CART has been the topic of a number of other research reports. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday. Finally, Stifel Nicolaus lifted their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Performance

NASDAQ CART opened at $42.93 on Wednesday. The firm’s fifty day moving average price is $41.85 and its two-hundred day moving average price is $36.51. The stock has a market cap of $11.20 billion, a PE ratio of 28.81, a PEG ratio of 1.50 and a beta of 1.12. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The company’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. As a group, sell-side analysts predict that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. The trade was a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. Pacer Advisors Inc. bought a new stake in shares of Maplebear during the third quarter worth about $158,701,000. Sculptor Capital LP bought a new stake in shares of Maplebear during the second quarter worth about $77,361,000. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Southpoint Capital Advisors LP increased its position in shares of Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after acquiring an additional 876,439 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

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.