Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Maplebear (NASDAQ:CART) had its price objective raised by equities research analysts at Robert W. Baird from $44.00 to $51.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 18.80% from the stock’s current price.

A number of other brokerages have also issued reports on CART. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Stifel Nicolaus increased their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Macquarie boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Wolfe Research began coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley reduced their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Price Performance

Shares of NASDAQ CART opened at $42.93 on Wednesday. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The firm has a 50-day simple moving average of $41.85 and a two-hundred day simple moving average of $36.51. The company has a market cap of $11.20 billion, a P/E ratio of 28.56, a PEG ratio of 1.50 and a beta of 1.12.

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. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same period last year, the company earned ($20.86) EPS. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, equities research analysts expect that Maplebear will post 1.17 EPS for the current year.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $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 SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock worth $4,978,164 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CART. CIBC Asset Management Inc increased its position in shares of Maplebear by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after acquiring an additional 584 shares during the last quarter. Creative Planning increased its holdings in Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after buying an additional 831 shares during the last quarter. Huntington National Bank purchased a new stake in Maplebear during the third quarter worth approximately $54,000. Finally, nVerses Capital LLC grew its position in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.