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

Maplebear (NASDAQ:CART) had its price objective hoisted by JMP Securities from $42.00 to $51.00 in a research report released on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

CART has been the topic of a number of other reports. Stifel Nicolaus lifted their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Wolfe Research started coverage on shares of Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Bank of America increased their price objective on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Jefferies Financial Group began coverage on Maplebear in a research report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price on the stock. Finally, Barclays increased their price target on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Down 2.2 %

CART stock opened at $42.00 on Wednesday. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The firm has a 50-day simple moving average of $42.17 and a 200-day simple moving average of $36.61. The stock has a market capitalization 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 announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The company 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 firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($20.86) EPS. On average, analysts expect that Maplebear will post 1.2 earnings per share for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 2.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 in the last quarter. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Pacer Advisors Inc. bought a new position in Maplebear in the 3rd quarter valued at about $158,701,000. Sculptor Capital LP acquired a new stake in shares of Maplebear during the 2nd quarter worth approximately $77,361,000. Geode Capital Management LLC boosted its position in shares of Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after acquiring an additional 1,647,081 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in 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 acquiring an additional 1,461,501 shares during the last quarter. Finally, Southpoint Capital Advisors LP raised its position 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 purchasing an additional 900,000 shares in the last quarter. 63.09% of the stock is currently 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.