Bank of America Raises Maplebear (NASDAQ:CART) Price Target to $51.00

Maplebear (NASDAQ:CART) had its price target hoisted by equities research analysts at Bank of America from $50.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential upside of 18.80% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Wedbush lifted their target price on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Stifel Nicolaus lifted their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Macquarie lifted their price target on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. BMO Capital Markets lifted their price target on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group assumed coverage on Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Price Performance

Shares of Maplebear stock opened at $42.93 on Wednesday. The business’s fifty day moving average price is $41.85 and its two-hundred day moving average price is $36.51. The company has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a PEG ratio of 1.50 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01.

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

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction 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 transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction 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 transaction, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

A number of institutional investors have recently bought and sold shares of CART. Oppenheimer & Co. Inc. acquired a new stake in Maplebear during the first quarter valued at $213,000. Russell Investments Group Ltd. acquired a new stake in Maplebear during the first quarter valued at $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Maplebear during the first quarter valued at $6,462,000. Lord Abbett & CO. LLC acquired a new stake in Maplebear during the first quarter valued at $28,674,000. Finally, Vanguard Group Inc. boosted its position in Maplebear by 239.1% during the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 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.