Maplebear (NASDAQ:CART) Price Target Raised to $48.00

Maplebear (NASDAQ:CART) had its target price boosted by BMO Capital Markets from $39.00 to $48.00 in a report issued on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other research firms have also recently commented on CART. Citigroup boosted their price target on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Bank of America upped their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. 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. Raymond James started coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Finally, Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.2 %

CART opened at $42.00 on Wednesday. The firm’s 50 day moving average is $42.17 and its 200-day moving average is $36.61. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The firm has a market capitalization of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($20.86) EPS. Equities analysts expect that Maplebear will post 1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 in the last three months. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. Geode Capital Management LLC boosted its position in shares of Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Maplebear during the 3rd quarter valued at $3,444,000. Pier Capital LLC boosted its position in Maplebear by 0.4% during the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after acquiring an additional 616 shares during the period. XTX Topco Ltd bought a new position in shares of Maplebear in the third quarter worth $977,000. Finally, Zacks Investment Management acquired a new position in shares of Maplebear during the third quarter valued at $4,853,000. 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.