Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Macquarie Analyst Says

Maplebear (NASDAQ:CART) had its price target upped by Macquarie from $50.00 to $52.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

CART has been the topic of several other research reports. Benchmark restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Bank of America increased their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup increased their price target on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday. Finally, JMP Securities raised their price objective on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

CART stock traded down $1.92 during trading on Thursday, reaching $41.01. The company had a trading volume of 3,114,041 shares, compared to its average volume of 3,973,122. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The company has a market cap of $10.70 billion, a P/E ratio of 28.81, a PEG ratio of 1.30 and a beta of 1.12. The business has a 50 day moving average of $42.01 and a 200 day moving average of $36.55.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($20.86) earnings per share. Research analysts expect that Maplebear will post 1.2 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

Several institutional investors have recently bought and sold shares of CART. Huntington National Bank purchased a new position in shares of Maplebear during the 3rd quarter worth about $54,000. nVerses Capital LLC grew its position in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear during the third quarter worth approximately $74,000. Quarry LP lifted its stake in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd bought a new position in Maplebear during the third quarter worth $212,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.