Maplebear (NASDAQ:CART) Price Target Raised to $51.00

Maplebear (NASDAQ:CART) had its price objective raised by Bank of America from $50.00 to $51.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently weighed in on CART. Jefferies Financial Group assumed coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price for the company. Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Macquarie raised their target price on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Oppenheimer lifted their price target on shares of Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Maplebear has an average 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 12-month low of $22.13 and a 12-month high of $50.01. The company has a market capitalization of $10.95 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.30 and a beta of 1.12. The firm has a 50 day moving average price of $42.17 and a two-hundred day moving average price of $36.62.

Maplebear (NASDAQ:CART) last announced 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 company 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 firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the company earned ($20.86) earnings per share. As a group, research analysts expect that Maplebear will post 1.2 EPS for the current year.

Insider Activity at Maplebear

In related news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The stock was 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. The trade was a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CART. Huntington National Bank bought a new stake in Maplebear during the 3rd quarter worth approximately $54,000. nVerses Capital LLC lifted its holdings in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear during the third quarter worth $74,000. Quarry LP grew its stake in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear in the third quarter valued at $212,000. 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.