Bank of America Raises Maplebear (NASDAQ:CART) Price Target to $45.00

Maplebear (NASDAQ:CART) had its price objective raised by Bank of America from $41.00 to $45.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also recently issued reports on the company. Raymond James began coverage on Maplebear in a report on Tuesday. They set a market perform rating on the stock. KeyCorp initiated coverage on shares of Maplebear in a research note on Thursday, July 11th. They set a sector weight rating for the company. Cantor Fitzgerald reiterated an overweight rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, September 23rd. Citigroup boosted their target price on Maplebear from $44.00 to $47.00 and gave the stock a buy rating in a research report on Thursday, August 8th. Finally, Piper Sandler boosted their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an overweight rating in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Maplebear has a consensus rating of Moderate Buy and a consensus price target of $43.33.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $39.90 on Tuesday. The stock’s 50 day moving average price is $35.22 and its 200-day moving average price is $34.91. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.58.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data 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 the consensus estimate of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company’s revenue was up 14.9% on a year-over-year basis. As a group, research analysts anticipate that Maplebear will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 107,910 shares in the company, valued at $3,779,008.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Fidji Simo sold 33,000 shares of the 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 sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The disclosure for this sale can be found here. Insiders sold 67,655 shares of company stock worth $2,504,824 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently bought and sold shares of CART. Sculptor Capital LP acquired a new stake in Maplebear in the 2nd quarter valued at approximately $77,361,000. Federated Hermes Inc. grew its position in Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares during the last quarter. Industry Ventures L.L.C. raised its stake in Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after acquiring an additional 31,175 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Maplebear during the first quarter worth $31,109,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Maplebear during the first quarter worth about $28,674,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.