Maplebear (NASDAQ:CART) Price Target Raised to $51.00

Maplebear (NASDAQ:CART) had its target price upped by Robert W. Baird from $44.00 to $51.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

CART has been the topic of a number of other research reports. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Jefferies Financial Group assumed coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target for the company. Piper Sandler increased their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Macquarie boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

Maplebear stock opened at $42.00 on Wednesday. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The firm has a 50 day simple moving average of $42.17 and a 200 day simple moving average of $36.61.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The company 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%. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the firm posted ($20.86) EPS. On average, equities research analysts forecast that Maplebear will post 1.2 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the transaction, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This trade represents a 2.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. Oppenheimer & Co. Inc. purchased a new stake in shares of Maplebear in the first quarter valued at about $213,000. Russell Investments Group Ltd. purchased a new stake in shares of Maplebear during the 1st quarter valued at $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Maplebear during the 1st quarter worth about $6,462,000. Lord Abbett & CO. LLC acquired a new stake in Maplebear in the 1st quarter valued at $28,674,000. Finally, Vanguard Group Inc. grew its position in Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after acquiring an additional 150,544 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.