Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Piper Sandler Analyst Says

Maplebear (NASDAQ:CART) had its price target upped by research analysts at Piper Sandler from $50.00 to $58.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 35.10% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets increased their price target on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday. Citigroup upped their target price on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Stifel Nicolaus upped their target price on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Barclays upped their target price on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday. Twelve equities 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $42.93 on Wednesday. The company has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The business’s 50 day simple moving average is $41.85 and its 200 day simple moving average is $36.51.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($20.86) earnings per share. On average, sell-side analysts anticipate that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This represents 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 valued at $4,978,164 in the last three months. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Large investors have recently bought and sold shares of the business. Huntington National Bank acquired a new stake in Maplebear during the 3rd quarter worth about $54,000. nVerses Capital LLC grew its holdings in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear during the 3rd quarter worth about $74,000. Quarry LP grew its holdings in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear during the 3rd quarter worth about $212,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.