Maplebear (NASDAQ:CART) Price Target Raised to $48.00 at BMO Capital Markets

Maplebear (NASDAQ:CART) had its price objective raised by BMO Capital Markets from $39.00 to $48.00 in a research note released on Wednesday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Several other equities research analysts have also issued reports on the stock. Piper Sandler raised their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Raymond James started coverage on Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Oppenheimer upped their price target on Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their price objective on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $42.00 on Wednesday. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The company has a market capitalization of $10.95 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.30 and a beta of 1.12. The business has a fifty day moving average price of $42.17 and a two-hundred day moving average price of $36.62.

Maplebear (NASDAQ:CART) last posted its quarterly 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. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The company had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the prior year, the business earned ($20.86) earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. Sell-side analysts anticipate that Maplebear will post 1.2 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their position. 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 ninety days. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently made changes to their positions in CART. Huntington National Bank purchased a new position in Maplebear in the third quarter worth $54,000. nVerses Capital LLC lifted its stake in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear in the 3rd quarter worth about $74,000. Quarry LP increased its position in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd purchased a new position in shares of Maplebear during the 3rd quarter valued at about $212,000. Hedge funds and other 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.