Maplebear (NASDAQ:CART) Price Target Raised to $52.00 at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its price target upped by JPMorgan Chase & Co. from $47.00 to $52.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on CART. Wolfe Research assumed coverage on Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Robert W. Baird raised their price target on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group initiated coverage on shares of Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective for the company. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, Citigroup lifted their price target on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

Shares of CART opened at $42.00 on Wednesday. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The company’s fifty 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 P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data 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 the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($20.86) earnings per share. Analysts predict that Maplebear will post 1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The trade was a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Maplebear in the 3rd quarter worth $3,444,000. Pier Capital LLC raised its stake in Maplebear by 0.4% in the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after acquiring an additional 616 shares during the last quarter. XTX Topco Ltd acquired a new stake in Maplebear during the 3rd quarter worth about $977,000. Finally, Zacks Investment Management purchased a new stake in Maplebear during the 3rd quarter valued at about $4,853,000. 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.