Maplebear (NASDAQ:CART) Price Target Raised to $48.00 at BMO Capital Markets

Maplebear (NASDAQ:CART) had its target price upped by BMO Capital Markets from $39.00 to $48.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other equities analysts have also commented on the stock. Wolfe Research began coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Morgan Stanley cut their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective on the stock. Finally, Piper Sandler upped their target price on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.95.

Maplebear Stock Performance

CART stock traded down $1.54 during mid-day trading on Wednesday, reaching $41.48. The company had a trading volume of 722,635 shares, compared to its average volume of 3,953,060. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The company has a market capitalization of $10.82 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The firm has a fifty day simple moving average of $41.85 and a 200 day simple moving average of $36.51.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 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 firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. As a group, analysts predict that Maplebear will post 1.17 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, General Counsel Morgan Fong sold 29,253 shares of the firm’s 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 sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of CART. Vinva Investment Management Ltd purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $212,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Maplebear by 95.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,258 shares of the company’s stock worth $1,233,000 after acquiring an additional 14,750 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of Maplebear during the third quarter valued at $5,231,000. Beaconlight Capital LLC increased its position in Maplebear by 54.7% during the 3rd quarter. Beaconlight Capital LLC now owns 213,797 shares of the company’s stock worth $8,710,000 after purchasing an additional 75,598 shares in the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in Maplebear in the 3rd quarter valued at about $788,000. 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.