JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its target price upped by stock analysts at JPMorgan Chase & Co. from $47.00 to $52.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 21.13% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley decreased their target price 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. Piper Sandler lifted their target price on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Robert W. Baird boosted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Performance

Maplebear stock opened at $42.93 on Wednesday. The firm’s fifty day moving average price is $41.85 and its 200-day moving average price is $36.51. The stock has a market cap of $11.20 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

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

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction 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. The trade was a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated 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 directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 over the last quarter. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently bought and sold shares of the business. Huntington National Bank bought a new position in shares of Maplebear in the third quarter worth approximately $54,000. nVerses Capital LLC lifted its stake in shares of 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 buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear in the third quarter worth approximately $74,000. Quarry LP lifted its stake in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd bought a new position in shares of Maplebear in the third quarter worth 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.