Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Bank of America Analyst Says

Maplebear (NASDAQ:CART) had its price target lifted by equities research analysts at Bank of America from $51.00 to $53.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 7.37% from the company’s previous close.

Several other research firms also recently commented on CART. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Monday, January 13th. Mizuho began coverage on Maplebear in a research report on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price target on the stock. JMP Securities lifted their price objective on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Loop Capital raised their target price on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.04.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $49.36 on Tuesday. The firm’s 50 day simple moving average is $46.34 and its 200-day simple moving average is $42.56. Maplebear has a one year low of $29.72 and a one year high of $53.44. The firm has a market cap of $12.68 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $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 25,311 shares of company stock worth $1,088,636 in the last three months. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of CART. Jones Financial Companies Lllp lifted its stake in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after acquiring an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear during the third quarter worth $33,000. Allworth Financial LP lifted its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares during the period. NewEdge Advisors LLC boosted its holdings in Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after purchasing an additional 717 shares during the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in Maplebear in the fourth quarter valued at $46,000. 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.