Maplebear (NASDAQ:CART) Price Target Raised to $56.00 at Loop Capital

Maplebear (NASDAQ:CART) had its price target raised by Loop Capital from $49.00 to $56.00 in a research note published on Monday,Benzinga reports. Loop Capital currently has a buy rating on the stock.

CART has been the topic of a number of other research reports. Piper Sandler lifted their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Raymond James initiated coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. JMP Securities upped their price objective on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. Jefferies Financial Group began coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price on the stock. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.14.

Maplebear Stock Down 3.9 %

Maplebear stock opened at $42.47 on Monday. The company has a fifty day simple moving average of $43.61 and a 200-day simple moving average of $37.53. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 1.15 and a beta of 0.94. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) 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 13.78%. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the company earned ($20.86) EPS. Maplebear’s revenue was up 11.5% compared to the same quarter last year. On average, research analysts anticipate that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,954 shares of company stock worth $4,890,405. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear during the third quarter worth approximately $33,000. Huntington National Bank acquired a new position in Maplebear in the 3rd quarter valued at $54,000. nVerses Capital LLC raised its position 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 buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear in the 3rd quarter worth $74,000. Finally, Quarry LP boosted its holdings in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

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.