Maplebear (NASDAQ:CART) Given New $56.00 Price Target at Barclays

Maplebear (NASDAQ:CART) had its price target increased by Barclays from $48.00 to $56.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the company. Bank of America raised their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research report on Monday, October 7th. Oppenheimer upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wolfe Research initiated coverage on shares of Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Twelve 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 presently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $42.00 on Wednesday. The business’s 50-day simple moving average is $42.17 and its 200 day simple moving average is $36.62. The company has a market cap of $10.95 billion, a P/E ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating 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 net margin of 13.37% and a return on equity of 13.32%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted ($20.86) earnings per share. Analysts predict that Maplebear will post 1.2 earnings per share for the current year.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 10.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,710 shares of company stock worth $4,978,164. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new position in shares of Maplebear during the third quarter valued at $54,000. nVerses Capital LLC lifted its holdings in Maplebear by 1,600.0% in 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. bought a new position in Maplebear in the 3rd quarter valued at about $74,000. Quarry LP increased its stake in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd bought a new stake in shares of Maplebear during the 3rd quarter worth about $212,000. Institutional investors and hedge funds 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.