Stifel Nicolaus Boosts Maplebear (NASDAQ:CART) Price Target to $55.00

Maplebear (NASDAQ:CART) had its price objective hoisted by investment analysts at Stifel Nicolaus from $52.00 to $55.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 22.63% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Wolfe Research began coverage on shares of Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Bank of America upped their target price on shares of Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research report on Monday, October 7th. Jefferies Financial Group began coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Finally, Benchmark reissued a “hold” rating on shares of Maplebear in a 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.57.

Maplebear Trading Up 0.7 %

Shares of CART traded up $0.31 during mid-day trading on Monday, reaching $44.85. 75,546 shares of the stock traded hands, compared to its average volume of 3,948,746. Maplebear has a 1 year low of $22.13 and a 1 year high of $45.13. The company has a market cap of $11.87 billion and a price-to-earnings ratio of -2.27. The firm has a fifty day moving average price of $38.99 and a 200 day moving average price of $35.61.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm’s revenue was up 14.9% on a year-over-year basis. On average, sell-side analysts anticipate that Maplebear will post 1.14 EPS for the current year.

Insider Buying and Selling at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of the company’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 of the company’s stock, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,707 shares of company stock worth $2,652,050. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC raised its position in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear during the third quarter valued at approximately $74,000. Quarry LP boosted its stake in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares in the last quarter. Watts Gwilliam & Co. LLC acquired a new position in shares of Maplebear during the third quarter worth $231,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Maplebear during the 1st quarter valued at $213,000. 63.09% of the stock is currently owned by institutional investors.

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.