Maplebear (NASDAQ:CART) Price Target Raised to $53.00 at Bank of America

Maplebear (NASDAQ:CART) had its price target upped by Bank of America from $51.00 to $53.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 23.83% from the stock’s current price.

CART has been the topic of a number of other research reports. Robert W. Baird boosted their price objective on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price for the company. Wells Fargo & Company began coverage on Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 target price on the stock. Barclays boosted their price target on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus raised their price target on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Thirteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average price target of $49.80.

Maplebear Price Performance

CART opened at $42.80 on Tuesday. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44. The stock has a market capitalization of $11.00 billion, a P/E ratio of 28.72, a P/E/G ratio of 1.19 and a beta of 1.07. The business has a 50 day simple moving average of $46.48 and a 200-day simple moving average of $42.68.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Research analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the completion of the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at approximately $3,697,152.90. This represents a 2.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the sale, the chief executive officer now owns 1,771,993 shares in the company, valued at $75,734,980.82. This represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,311 shares of company stock worth $1,088,636. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently modified their holdings of CART. Portman Ltd bought a new stake in shares of Maplebear in the 3rd quarter valued at about $3,196,000. State Street Corp boosted its position in shares of Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Maplebear in the 3rd quarter valued at about $1,442,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Maplebear by 5,191.1% during 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 in the last quarter. Finally, Zacks Investment Management bought a new position in shares of Maplebear in the third quarter valued at $4,853,000. 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.