Maplebear (NASDAQ:CART) Price Target Raised to $39.00

Maplebear (NASDAQ:CART) had its target price raised by BMO Capital Markets from $36.00 to $39.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a market perform rating on the stock.

Other equities analysts also recently issued reports about the company. Stifel Nicolaus upped their target price on Maplebear from $44.00 to $45.00 and gave the company a buy rating in a research report on Thursday, May 9th. Oppenheimer upped their target price on Maplebear from $36.00 to $48.00 and gave the company an outperform rating in a research report on Monday, April 29th. JMP Securities increased their price target on Maplebear from $35.00 to $42.00 and gave the stock a market outperform rating in a research report on Thursday, May 9th. Piper Sandler increased their price target on Maplebear from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Wednesday. Finally, Gordon Haskett raised Maplebear from a hold rating to a buy rating and increased their price target for the stock from $37.00 to $45.00 in a research report on Wednesday, June 5th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $42.70.

Maplebear Price Performance

Shares of NASDAQ CART traded down $0.22 during mid-day trading on Wednesday, hitting $31.90. The stock had a trading volume of 2,855,478 shares, compared to its average volume of 4,129,516. The company has a 50 day moving average of $33.32 and a two-hundred day moving average of $33.06. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear will post 1.02 earnings per share for the current year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.20, for a total value of $306,369.60. Following the transaction, the general counsel now directly owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Maplebear news, CEO Fidji Simo sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $31.82, for a total value of $190,920.00. Following the transaction, the chief executive officer now directly owns 1,995,167 shares of the company’s stock, valued at approximately $63,486,213.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the transaction, the general counsel now owns 391,069 shares in the company, valued at $12,983,490.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 53,388 shares of company stock valued at $1,795,513. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. Renaissance Capital LLC grew its holdings in Maplebear by 4.3% in the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after buying an additional 607 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the last quarter. nVerses Capital LLC grew its holdings in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the period. Cantor Fitzgerald L. P. increased its position in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after purchasing an additional 2,489 shares during the last quarter. Finally, Great Valley Advisor Group Inc. increased its position in Maplebear by 32.1% during the second quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock worth $331,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

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.