Maplebear (NASDAQ:CART) Given New $48.00 Price Target at BMO Capital Markets

Maplebear (NASDAQ:CART) had its price objective hoisted by BMO Capital Markets from $39.00 to $48.00 in a report released on Wednesday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Other equities analysts have also issued research reports about the company. Wedbush increased their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Oppenheimer lifted their target price on shares of Maplebear from $48.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Raymond James initiated coverage on shares of Maplebear in a research note 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. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Trading Down 2.2 %

Shares of NASDAQ CART opened at $42.00 on Wednesday. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The firm has a 50-day moving average of $42.17 and a two-hundred day moving average of $36.61.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($20.86) earnings per share. As a group, research analysts predict that Maplebear will post 1.2 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction that occurred on Thursday, November 7th. The shares were 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 directly owns 258,406 shares in the company, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,710 shares of company stock worth $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Huntington National Bank bought a new position in shares of Maplebear in the third quarter worth about $54,000. nVerses Capital LLC increased its position in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear during the third quarter worth approximately $74,000. Quarry LP lifted its holdings 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 buying an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd bought a new stake in shares of Maplebear in the third quarter valued at approximately $212,000. 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.