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

Maplebear (NASDAQ:CART) had its price objective lifted by Oppenheimer from $48.00 to $55.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages have also recently issued reports on CART. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wedbush increased their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Stifel Nicolaus lifted their price objective on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Wolfe Research started coverage on Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.90.

Maplebear Stock Up 0.5 %

Shares of CART opened at $47.98 on Wednesday. The stock’s 50-day moving average price is $40.40 and its 200 day moving average price is $35.99. Maplebear has a 12-month low of $22.13 and a 12-month high of $47.98. The firm has a market capitalization of $12.51 billion, a price-to-earnings ratio of -2.41, a P/E/G ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. Equities research analysts expect that Maplebear will post 1.17 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 8,345 shares of Maplebear 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 completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 89,457 shares of company stock valued at $3,573,142. 36.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. CIBC Asset Management Inc increased its holdings in Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Maplebear by 5.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after buying an additional 584 shares during the period. Creative Planning increased its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after acquiring an additional 831 shares during the last quarter. Huntington National Bank acquired a new stake in shares of Maplebear in the 3rd quarter valued at approximately $54,000. Finally, nVerses Capital LLC boosted its stake in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the last quarter. 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.