Maplebear (NASDAQ:CART) Price Target Raised to $51.00 at Bank of America

Maplebear (NASDAQ:CART) had its price objective raised by Bank of America from $50.00 to $51.00 in a research note published on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler raised their target price on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. BMO Capital Markets boosted their target price on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Citigroup upped their price target 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. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday. Finally, Robert W. Baird upped their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday. Twelve 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Stock Down 3.6 %

Shares of NASDAQ:CART traded down $1.54 during trading on Wednesday, hitting $41.48. The stock had a trading volume of 722,635 shares, compared to its average volume of 3,953,060. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The company has a market capitalization of $10.82 billion, a PE ratio of 28.87, a PEG ratio of 1.50 and a beta of 1.12. The firm’s fifty day moving average is $41.85 and its 200 day moving average is $36.51.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted ($20.86) earnings per share. Equities research analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction dated 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 sale, the general counsel now directly owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. purchased a new position in Maplebear in the 3rd quarter worth about $158,701,000. Sculptor Capital LP purchased a new position in shares of Maplebear during the second quarter worth approximately $77,361,000. Federated Hermes Inc. raised its stake in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Industry Ventures L.L.C. grew its stake in Maplebear by 3.3% in the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after purchasing an additional 31,175 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.