Maplebear (NASDAQ:CART) Price Target Raised to $51.00

Maplebear (NASDAQ:CART) had its target price increased by Bank of America from $50.00 to $51.00 in a report published on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Several other analysts have also recently commented on CART. Robert W. Baird raised their target price on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday. Macquarie raised their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Wolfe Research began coverage on shares of Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

CART stock opened at $42.00 on Wednesday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The firm has a 50-day moving average of $42.17 and a two-hundred day moving average of $36.61. The firm has a market capitalization of $10.95 billion, a PE ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the prior year, the firm earned ($20.86) EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts anticipate that Maplebear will post 1.2 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’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 completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, 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 have sold a total of 118,710 shares of company stock worth $4,978,164 over the last 90 days. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CART. Pacer Advisors Inc. bought a new position in Maplebear during the third quarter worth $158,701,000. Geode Capital Management LLC grew its position in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. increased its holdings in shares of Maplebear by 19.7% during the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after purchasing an additional 441,156 shares during the period. State Street Corp raised its position in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after buying an additional 831,795 shares during the last quarter. Finally, Southpoint Capital Advisors LP lifted its stake in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.