Oppenheimer Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target boosted by Oppenheimer from $55.00 to $60.00 in a research report released on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on CART. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday. Wedbush boosted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley dropped their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Finally, Bank of America boosted their target price on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $46.95.

Maplebear Stock Down 3.6 %

Shares of NASDAQ CART traded down $1.54 during trading on Wednesday, reaching $41.48. The company had a trading volume of 722,635 shares, compared to its average volume of 3,953,060. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01. The business’s 50-day moving average is $41.85 and its 200 day moving average is $36.51. The stock has a market cap of $10.82 billion, a PE ratio of 28.87, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. Maplebear’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($20.86) EPS. On average, analysts anticipate that Maplebear will post 1.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 over the last quarter. 36.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Huntington National Bank bought a new stake in Maplebear during the third quarter valued at about $54,000. nVerses Capital LLC raised 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 valued at $55,000 after purchasing an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear in the 3rd quarter worth approximately $74,000. Quarry LP boosted its stake in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new stake in Maplebear during the 3rd quarter valued at approximately $212,000. Institutional investors 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.