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

Maplebear (NASDAQ:CART) had its price target lifted by JMP Securities from $42.00 to $51.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a market outperform rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Wolfe Research assumed coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Macquarie lifted their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. BMO Capital Markets increased their target price on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday. Wedbush lifted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Trading Down 2.2 %

Shares of Maplebear stock opened at $42.00 on Wednesday. The firm 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. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The business’s 50-day moving average price is $42.17 and its 200-day moving average price is $36.62.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during 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%. Maplebear’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($20.86) earnings per share. As a group, analysts predict that Maplebear will post 1.2 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds have recently made changes to their positions in the stock. Huntington National Bank purchased a new position in Maplebear during the third quarter valued at $54,000. nVerses Capital LLC increased 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 valued at $55,000 after acquiring an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear in the 3rd quarter worth about $74,000. Quarry LP boosted its stake in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd bought a new position in Maplebear in the 3rd quarter worth about $212,000. 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.