Robert W. Baird Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price objective hoisted by Robert W. Baird from $44.00 to $51.00 in a research report released on Wednesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

CART has been the topic of several other research reports. Macquarie raised their price objective on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. BMO Capital Markets lifted their target price on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Citigroup boosted their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

Shares of NASDAQ:CART opened at $42.00 on Wednesday. The company has a 50 day moving average of $42.17 and a 200-day moving average of $36.61. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The firm has a market cap of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

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

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This trade represents a 10.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock worth $4,978,164 in the last 90 days. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. purchased a new position in Maplebear during the third quarter valued at $158,701,000. Geode Capital Management LLC grew its position in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. increased its position in shares of Maplebear by 19.7% during the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after acquiring an additional 441,156 shares during the period. State Street Corp increased its stake in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after buying an additional 831,795 shares during the period. Finally, Southpoint Capital Advisors LP increased its holdings in Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.