BMO Capital Markets Increases Maplebear (NASDAQ:CART) Price Target to $39.00

Maplebear (NASDAQ:CART) had its price objective upped by analysts at BMO Capital Markets from $36.00 to $39.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective suggests a potential upside of 21.80% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Barclays raised their price objective on Maplebear from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday. JMP Securities boosted their price objective on Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a report on Thursday, May 9th. Morgan Stanley raised their target price on shares of Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, KeyCorp initiated coverage on shares of Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating on the stock. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $42.70.

Maplebear Trading Down 0.3 %

Shares of Maplebear stock traded down $0.10 during trading on Wednesday, hitting $32.02. The stock had a trading volume of 1,124,193 shares, compared to its average volume of 4,118,204. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95. The business has a fifty day moving average of $33.29 and a two-hundred day moving average of $33.03.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear’s revenue was up 14.9% compared to the same quarter last year. On average, equities analysts forecast that Maplebear will post 1.02 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the transaction, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The disclosure for this sale can be found here. Insiders have sold a total of 53,388 shares of company stock valued at $1,795,513 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its holdings in shares of Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares in the last quarter. nVerses Capital LLC boosted its position in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares in the last quarter. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda acquired a new position in Maplebear in the fourth quarter worth about $69,000. Finally, Amalgamated Bank bought a new position in Maplebear during the fourth quarter worth about $94,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.