Maplebear (NASDAQ:CART) Price Target Raised to $51.00 at Bank of America

Maplebear (NASDAQ:CART) had its price target hoisted by research analysts at Bank of America from $50.00 to $51.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 18.80% from the stock’s current price.

A number of other research firms have also commented on CART. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Morgan Stanley dropped their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wedbush lifted their price objective on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $42.93 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 50-day moving average of $41.85 and a two-hundred day moving average of $36.51. The stock has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly 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. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the previous year, the firm earned ($20.86) earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, research analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,710 shares of company stock worth $4,978,164. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc boosted its holdings in shares of Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after acquiring an additional 286 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after acquiring an additional 584 shares in the last quarter. Creative Planning boosted its holdings in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares in the last quarter. Huntington National Bank acquired a new position in shares of Maplebear in the 3rd quarter worth approximately $54,000. Finally, nVerses Capital LLC boosted its holdings in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.