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

Maplebear (NASDAQ:CART) had its price target upped by Bank of America from $50.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 5.50% from the stock’s previous close.

Several other research firms have also commented on CART. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Wedbush upped their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Robert W. Baird upped their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday. Jefferies Financial Group began coverage on shares of Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Finally, Citigroup increased their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.95.

Maplebear Stock Performance

NASDAQ:CART opened at $48.34 on Wednesday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of -2.44, a PEG ratio of 1.48 and a beta of 1.12. The firm’s fifty day moving average is $41.66 and its two-hundred day moving average is $36.46.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were 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 in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were 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 in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock worth $4,978,164 in the last 90 days. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new position in Maplebear in the 3rd quarter valued at approximately $158,701,000. Sculptor Capital LP purchased a new position in Maplebear in the 2nd quarter valued at approximately $77,361,000. Charles Schwab Investment Management Inc. boosted its position in Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares during the period. Federated Hermes Inc. boosted its position in Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after buying an additional 876,439 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new position in Maplebear in the 1st quarter valued at approximately $28,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.