Maplebear (NASDAQ:CART) Price Target Increased to $38.00 by Analysts at Wedbush

Maplebear (NASDAQ:CART) had its target price upped by Wedbush from $35.00 to $38.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s target price indicates a potential upside of 15.50% from the stock’s previous close.

Several other equities research analysts also recently issued reports on CART. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday. JMP Securities increased their target price on Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 9th. Citigroup increased their target price on Maplebear from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. BMO Capital Markets increased their target price on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and increased their target price for the stock from $37.00 to $45.00 in a research report on Wednesday, June 5th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.50.

Maplebear Price Performance

NASDAQ CART traded up $1.47 on Wednesday, hitting $32.90. 2,953,372 shares of the stock traded hands, compared to its average volume of 4,115,444. The business’s fifty day moving average is $33.23 and its two-hundred day moving average is $33.04. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts anticipate that Maplebear will post 1.02 earnings per share for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,550 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total transaction of $84,685.50. Following the transaction, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at $3,755,586.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Alan Ramsay sold 2,550 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the sale, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at $3,755,586.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the completion of the sale, the general counsel now directly owns 391,069 shares in the company, valued at $12,983,490.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,388 shares of company stock valued at $1,795,513. 36.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Large investors have recently modified their holdings of the business. Canaan Partners IX LLC purchased a new stake in Maplebear in the fourth quarter worth about $87,508,000. Norges Bank bought a new stake in shares of Maplebear during the 4th quarter valued at $78,674,000. Thrive Capital Management LLC bought a new stake in shares of Maplebear during the 3rd quarter valued at $47,818,000. SG Americas Securities LLC purchased a new position in shares of Maplebear during the 1st quarter valued at $31,109,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Maplebear during the 1st quarter valued at $28,674,000. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.