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

Maplebear (NASDAQ:CART) had its price target upped by equities researchers at Bank of America from $50.00 to $51.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential upside of 5.50% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Raymond James initiated coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday. Finally, Oppenheimer boosted their price target on Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $44.95.

Maplebear Price Performance

Shares of NASDAQ CART opened at $48.34 on Wednesday. The company has a market cap of $12.61 billion, a P/E ratio of -2.44, a PEG ratio of 1.48 and a beta of 1.12. 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 $41.66 and a two-hundred day simple moving average of $36.46.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was 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 approximately $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was 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 approximately $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now directly owns 298,984 shares in the company, valued at approximately $12,371,957.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of large investors have recently made changes to their positions in the stock. Portman Ltd purchased a new stake in shares of Maplebear during the third quarter valued at $3,196,000. Cerity Partners LLC purchased a new stake in shares of Maplebear during the third quarter valued at $1,442,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Maplebear during the third quarter valued at $158,701,000. Finally, AlpInvest Partners B.V. purchased a new stake in shares of Maplebear during the third quarter valued at $24,342,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.