JPMorgan Chase & Co. Has Lowered Expectations for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its target price cut by JPMorgan Chase & Co. from $50.00 to $44.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently commented on CART. Macquarie lifted their target price on Maplebear from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Morgan Stanley upped their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Stifel Nicolaus raised their target price on shares of Maplebear from $56.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Seaport Res Ptn upgraded shares of Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Finally, FBN Securities assumed coverage on Maplebear in a report on Friday, March 28th. They set a “sector perform” rating and a $44.00 price objective for the company. Thirteen research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.88.

Maplebear Trading Down 0.8 %

NASDAQ:CART opened at $37.12 on Tuesday. The stock has a market capitalization of $9.82 billion, a PE ratio of 24.91, a P/E/G ratio of 1.19 and a beta of 1.20. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44. The firm has a fifty day simple moving average of $43.40 and a 200 day simple moving average of $43.50.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. On average, equities analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, CEO Fidji Simo sold 2,033 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $40.00, for a total value of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,097 shares of company stock valued at $1,087,094 in the last quarter. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

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

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.