JPMorgan Chase & Co. Cuts Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $52.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 15.23% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Barclays increased their target price on shares of Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Loop Capital increased their price objective on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Bank of America increased their target price on Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday. Wedbush lowered their price target on Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Maplebear in a research report on Wednesday. Thirteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.80.

Maplebear Trading Down 11.0 %

NASDAQ CART traded down $5.39 on Wednesday, reaching $43.39. 6,270,005 shares of the company were exchanged, compared to its average volume of 4,289,651. The business’s fifty day moving average price is $46.46 and its 200 day moving average price is $42.68. The stock has a market capitalization of $11.15 billion, a P/E ratio of 29.25, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

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

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares in the company, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,311 shares of company stock worth $1,088,636. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Victory Capital Management Inc. lifted its position in shares of Maplebear by 11,501.2% in 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. Pacer Advisors Inc. bought a new position in Maplebear during the third quarter worth about $158,701,000. Boston Partners acquired a new stake in shares of Maplebear in the fourth quarter valued at $111,506,000. Altimeter Capital Management LP acquired a new position in shares of Maplebear during the fourth quarter valued at $105,108,000. Finally, Vanguard Group Inc. grew its stake in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after purchasing an additional 2,300,288 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

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.