Maplebear (NASDAQ:CART) Price Target Increased to $38.00 by Analysts at Wedbush

Maplebear (NASDAQ:CART) had its price target increased by equities research analysts at Wedbush from $35.00 to $38.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s target price points to a potential upside of 15.50% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Oppenheimer increased their price objective on Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. KeyCorp began coverage on Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating on the stock. Loop Capital upped their target price on Maplebear from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday. Finally, BMO Capital Markets upped their target price on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.50.

Maplebear Price Performance

Shares of CART traded up $1.47 during trading hours on Wednesday, reaching $32.90. The company’s stock had a trading volume of 2,953,372 shares, compared to its average volume of 4,115,444. The company has a 50 day moving average of $33.23 and a two-hundred day moving average of $33.04. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities research analysts expect that Maplebear will post 1.02 EPS for the current fiscal year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,550 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the completion of the sale, the chief accounting officer now directly owns 113,086 shares in the company, valued at $3,755,586.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Alan Ramsay sold 2,550 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the transaction, the chief accounting officer now owns 113,086 shares in the company, valued at $3,755,586.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,388 shares of company stock worth $1,795,513. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CART. International Assets Investment Management LLC bought a new position in Maplebear during the fourth quarter worth about $110,000. Thrive Capital Management LLC bought a new position in shares of Maplebear during the 3rd quarter valued at about $47,818,000. Mackenzie Financial Corp bought a new position in shares of Maplebear during the 4th quarter valued at about $8,208,000. Federated Hermes Inc. lifted its holdings in shares of Maplebear by 190.2% during the 4th quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock valued at $10,898,000 after purchasing an additional 304,355 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of Maplebear during the 4th quarter valued at about $293,000. Institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.