Barclays Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target increased by investment analysts at Barclays from $48.00 to $56.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 32.58% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday. Morgan Stanley dropped their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Piper Sandler increased their price target on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Bank of America increased their price objective on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.14.

Maplebear Stock Performance

NASDAQ CART traded down $6.10 during trading hours on Wednesday, reaching $42.24. 4,690,953 shares of the company’s stock were exchanged, compared to its average volume of 3,934,672. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company’s 50-day moving average is $41.66 and its two-hundred day moving average is $36.46. The company has a market capitalization of $11.02 billion, a price-to-earnings ratio of -2.13, a price-to-earnings-growth ratio of 1.48 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($20.86) EPS. Research analysts predict that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, 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 of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently modified their holdings of CART. Oppenheimer & Co. Inc. bought a new position in Maplebear during the first quarter valued at $213,000. Russell Investments Group Ltd. purchased a new position in shares of Maplebear in the first quarter worth about $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Maplebear in the 1st quarter worth approximately $6,462,000. Lord Abbett & CO. LLC bought a new stake in Maplebear during the first quarter valued at approximately $28,674,000. Finally, Vanguard Group Inc. increased its holdings in shares of Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after buying an additional 150,544 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

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.