JMP Securities Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its price objective upped by JMP Securities from $42.00 to $51.00 in a report released on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird lifted their target price on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday. Wolfe Research assumed coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. increased their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research report on Monday, October 7th. Finally, Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.95.

Maplebear Trading Down 11.0 %

NASDAQ:CART opened at $43.02 on Wednesday. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01. The firm has a market cap of $11.22 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company’s 50-day moving average is $41.66 and its two-hundred day moving average is $36.46.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data 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 business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned ($20.86) earnings per share. On average, equities research analysts forecast that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Hedge funds have recently made changes to their positions in the stock. FORA Capital LLC acquired a new stake in Maplebear in the 3rd quarter valued at approximately $5,231,000. Beaconlight Capital LLC lifted its stake in shares of Maplebear by 54.7% during the third quarter. Beaconlight Capital LLC now owns 213,797 shares of the company’s stock valued at $8,710,000 after acquiring an additional 75,598 shares during the period. Blueshift Asset Management LLC bought a new stake in shares of Maplebear during the third quarter worth approximately $788,000. Portman Ltd bought a new stake in Maplebear in the third quarter valued at about $3,196,000. Finally, Cerity Partners LLC bought a new position in Maplebear during the 3rd quarter worth approximately $1,442,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.