Maplebear (NASDAQ:CART) Price Target Raised to $58.00

Maplebear (NASDAQ:CART) had its price objective upped by Argus from $50.00 to $58.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently weighed in on CART. Oppenheimer boosted their price objective on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Wedbush began coverage on shares of Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target for the company. Fifteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.14.

Maplebear Trading Down 1.3%

Shares of NASDAQ:CART opened at $51.07 on Wednesday. The stock’s 50-day moving average price is $47.82 and its 200-day moving average price is $42.77. Maplebear has a 12-month low of $32.73 and a 12-month high of $52.68. The stock has a market capitalization of $11.82 billion, a P/E ratio of 27.91, a price-to-earnings-growth ratio of 1.01 and a beta of 0.80.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 EPS. As a group, research analysts predict that Maplebear will post 2.33 EPS for the current year.

Insider Buying and Selling

In other news, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider owned 529,911 shares in the company, valued at $26,474,353.56. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the sale, the director owned 591,523 shares in the company, valued at $29,936,979.03. This represents a 20.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently bought and sold shares of the business. Pinnacle Bancorp Inc. bought a new position in shares of Maplebear during the first quarter valued at approximately $25,000. PenderFund Capital Management Ltd. purchased a new stake in shares of Maplebear in the 4th quarter worth approximately $27,000. Allworth Financial LP increased its position in Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares in the last quarter. IFP Advisors Inc increased its position in Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after buying an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its stake in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after buying an additional 787 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.