Maplebear (NASDAQ:CART) Price Target Lowered to $55.00 at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $65.00 to $55.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 40.01% from the stock’s previous close.

CART has been the topic of a number of other reports. Sanford C. Bernstein lifted their price target on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Mizuho began coverage on Maplebear in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price objective for the company. Needham & Company LLC dropped their price target on shares of Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley increased their target price on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, August 15th. Finally, Benchmark decreased their price target on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

Maplebear Price Performance

Maplebear stock traded up $1.95 during midday trading on Tuesday, reaching $39.28. The company’s stock had a trading volume of 5,154,243 shares, compared to its average volume of 4,813,715. Maplebear has a 52-week low of $34.78 and a 52-week high of $53.50. The stock has a market capitalization of $10.35 billion, a P/E ratio of 22.71, a PEG ratio of 1.13 and a beta of 1.10. The stock’s 50-day simple moving average is $40.50 and its 200-day simple moving average is $43.96.

Maplebear (NASDAQ:CART) last released its earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The company had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. Maplebear’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. As a group, equities research analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 3,546 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares of the company’s stock, valued at $16,609,268.55. This represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fidji Simo sold 1,014 shares of Maplebear stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the transaction, the director directly owned 569,742 shares in the company, valued at approximately $22,789,680. This trade represents a 0.18% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 27,556 shares of company stock valued at $1,179,482. Insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the business. MAI Capital Management grew its position in Maplebear by 72.5% during the 3rd quarter. MAI Capital Management now owns 12,444 shares of the company’s stock worth $457,000 after purchasing an additional 5,232 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Maplebear by 95.5% during the third quarter. TD Asset Management Inc now owns 847,595 shares of the company’s stock worth $31,158,000 after buying an additional 413,995 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Maplebear during the third quarter worth about $2,239,000. AXQ Capital LP purchased a new position in shares of Maplebear during the third quarter worth about $861,000. Finally, Ameritas Investment Partners Inc. increased its position in Maplebear by 8.6% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 34,567 shares of the company’s stock valued at $1,271,000 after acquiring an additional 2,723 shares during the period. Hedge funds and other institutional investors 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.