Maplebear (NASDAQ:CART) Given New $55.00 Price Target at Oppenheimer

Maplebear (NASDAQ:CART) had its price target upped by Oppenheimer from $48.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 20.64% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Wolfe Research initiated coverage on shares of Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. KeyCorp initiated coverage on shares of Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating on the stock. Macquarie increased their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Wedbush raised their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.90.

Maplebear Price Performance

NASDAQ CART opened at $45.59 on Wednesday. Maplebear has a 12 month low of $22.13 and a 12 month high of $46.07. The company has a market capitalization of $11.89 billion, a price-to-earnings ratio of -2.30, a price-to-earnings-growth ratio of 1.39 and a beta of 1.12. The company’s fifty day moving average price is $40.40 and its two-hundred day moving average price is $35.99.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that Maplebear will post 1.17 EPS for the current year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were 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 owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 11,325 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the transaction, the general counsel now owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,457 shares of company stock valued at $3,573,142 in the last quarter. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC grew its stake 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 worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear in the 3rd quarter worth approximately $74,000. Quarry LP grew its stake in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear in the 1st quarter worth approximately $213,000. Finally, Watts Gwilliam & Co. LLC acquired a new position in shares of Maplebear in the 3rd quarter worth approximately $231,000. 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.