Citigroup Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its price target upped by research analysts at Citigroup from $55.00 to $57.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 26.08% from the company’s previous close.

Other equities analysts have also issued reports about the company. Barclays lifted their price objective on Maplebear from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Needham & Company LLC restated a “buy” rating and issued a $56.00 price target on shares of Maplebear in a report on Friday, May 2nd. Stifel Nicolaus reduced their price target on shares of Maplebear from $57.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Wells Fargo & Company dropped their price objective on shares of Maplebear from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Thursday, April 3rd. Finally, Macquarie restated an “outperform” rating and set a $55.00 target price on shares of Maplebear in a report on Tuesday, May 6th. Twelve investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.04.

Maplebear Stock Performance

CART opened at $45.21 on Tuesday. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44. The company’s 50 day simple moving average is $40.90 and its 200 day simple moving average is $43.54. The stock has a market capitalization of $11.87 billion, a PE ratio of 30.34, a P/E/G ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $897.00 million for the quarter, compared to analysts’ expectations of $896.86 million. During the same period in the prior year, the firm earned $0.43 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the sale, the chief executive officer now owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total transaction of $223,449.93. Following the transaction, the general counsel now directly owns 484,292 shares in the company, valued at $20,616,310.44. The trade was a 1.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,165 shares of company stock valued at $1,541,785. 26.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently bought and sold shares of CART. Victory Capital Management Inc. raised its position in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after acquiring an additional 4,487,654 shares in the last quarter. Boston Partners acquired a new stake in shares of Maplebear during the 4th quarter worth approximately $111,506,000. Altimeter Capital Management LP bought a new stake in shares of Maplebear in the 4th quarter worth approximately $105,108,000. Vanguard Group Inc. increased its holdings in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after acquiring an additional 2,300,288 shares during the period. Finally, Norges Bank acquired a new stake in Maplebear in the 4th quarter valued at approximately $95,162,000. Institutional investors and hedge funds 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.