Maplebear (NASDAQ:CART) Price Target Lowered to $44.00 at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its target price cut by stock analysts at JPMorgan Chase & Co. from $50.00 to $44.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 14.41% from the company’s current price.

Several other research firms have also issued reports on CART. Stifel Nicolaus upped their price target on Maplebear from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Wells Fargo & Company lowered their price objective on shares of Maplebear from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Thursday, April 3rd. Morgan Stanley increased their price objective on shares of Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $56.00 price target on shares of Maplebear in a report on Wednesday, February 26th. Finally, Bank of America increased their price objective on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.88.

Maplebear Price Performance

CART stock traded up $1.05 during midday trading on Tuesday, hitting $38.46. The stock had a trading volume of 904,703 shares, compared to its average volume of 4,016,710. Maplebear has a 12-month low of $29.84 and a 12-month high of $53.44. The company’s 50-day moving average price is $43.81 and its 200 day moving average price is $43.58. The firm has a market cap of $10.18 billion, a PE ratio of 25.78, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. As a group, sell-side analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Buying and Selling at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total transaction of $898,682.50. Following the transaction, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,097 shares of company stock worth $1,087,094. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Boston Partners bought a new stake in Maplebear in the 4th quarter valued at about $111,506,000. Altimeter Capital Management LP bought a new stake in Maplebear in the 4th quarter valued at about $105,108,000. Vanguard Group Inc. increased its holdings in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after purchasing an additional 2,300,288 shares during the period. Finally, Norges Bank bought a new position in shares of Maplebear during the fourth quarter worth approximately $95,162,000. 63.09% of the stock is owned by institutional investors.

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.