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

Maplebear (NASDAQ:CART) had its price objective upped by investment analysts at Stifel Nicolaus from $54.00 to $55.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 17.37% from the company’s previous close.

CART has been the topic of several other research reports. Wells Fargo & Company decreased their price objective on Maplebear from $47.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, April 3rd. Sanford C. Bernstein lifted their price objective on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Needham & Company LLC reissued a “buy” rating and set a $56.00 price objective on shares of Maplebear in a report on Friday, May 2nd. Robert W. Baird lifted their price objective on Maplebear from $47.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, July 17th. Finally, JMP Securities reissued a “market outperform” rating and set a $55.00 price objective on shares of Maplebear in a report on Thursday, June 12th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.35.

Maplebear Stock Up 0.2%

Shares of NASDAQ CART opened at $46.86 on Tuesday. The business’s 50 day moving average is $46.43 and its two-hundred day moving average is $44.56. The company has a market cap of $12.30 billion, a P/E ratio of 30.83, a P/E/G ratio of 1.81 and a beta of 1.21. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The business had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 earnings per share. Sell-side analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 4,680 shares of the company’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the sale, the general counsel owned 452,000 shares in the company, valued at approximately $22,220,320. This represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director owned 20,829 shares of the company’s stock, valued at $988,336.05. This represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,975,327 shares of company stock valued at $237,736,848 in the last ninety days. 26.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Commonwealth Equity Services LLC acquired a new position in Maplebear in the fourth quarter valued at about $234,000. American Century Companies Inc. grew its stake in Maplebear by 25.6% in the fourth quarter. American Century Companies Inc. now owns 191,528 shares of the company’s stock valued at $7,933,000 after acquiring an additional 39,051 shares during the period. Sei Investments Co. grew its stake in Maplebear by 489.0% in the fourth quarter. Sei Investments Co. now owns 140,423 shares of the company’s stock valued at $5,816,000 after acquiring an additional 116,583 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Maplebear in the fourth quarter valued at about $791,000. Finally, Norges Bank acquired a new position in Maplebear in the fourth quarter valued at about $95,162,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.