Maplebear (NASDAQ:CART) Price Target Raised to $58.00

Maplebear (NASDAQ:CART) had its price target upped by research analysts at Piper Sandler from $50.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 38.29% from the stock’s previous close.

CART has been the topic of a number of other reports. Wedbush lifted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. Robert W. Baird boosted their price objective on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday. Citigroup upped their price target on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Morgan Stanley cut their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.95.

Maplebear Stock Performance

Shares of NASDAQ:CART traded down $6.40 during trading on Wednesday, reaching $41.94. The stock had a trading volume of 6,513,960 shares, compared to its average volume of 3,942,958. The business has a fifty day moving average price of $41.66 and a 200-day moving average price of $36.46. The stock has a market cap of $10.94 billion, a PE ratio of -2.11, a PEG ratio of 1.48 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted ($20.86) earnings per share. Sell-side analysts expect that Maplebear will post 1.17 earnings per share for the current year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. 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 available through this link. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank acquired a new position in shares of Maplebear during the third quarter worth about $54,000. nVerses Capital LLC lifted its stake in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear during the third quarter worth about $74,000. Quarry LP lifted its stake in shares of Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear during the first quarter worth about $213,000. 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.