Maplebear (NASDAQ:CART) Price Target Raised to $56.00

Maplebear (NASDAQ:CART) had its price objective increased by Barclays from $48.00 to $56.00 in a report released on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research firms have also commented on CART. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Wolfe Research assumed coverage on shares of Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Morgan Stanley reduced their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Bank of America boosted their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Oppenheimer increased their price target on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Trading Down 2.2 %

Shares of NASDAQ:CART opened at $42.00 on Wednesday. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The company has a 50-day moving average price of $42.17 and a 200 day moving average price of $36.61.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the company earned ($20.86) EPS. As a group, equities analysts forecast that Maplebear will post 1.2 EPS for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the sale, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,710 shares of company stock valued at $4,978,164. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Institutional investors have recently modified their holdings of the company. Huntington National Bank bought a new position in shares of Maplebear during the 3rd quarter worth approximately $54,000. nVerses Capital LLC grew its holdings in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear in the third quarter worth $74,000. Quarry LP increased its position in shares of Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Maplebear during the 3rd quarter valued at $212,000. 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.