Bank of America Boosts Maplebear (NASDAQ:CART) Price Target to $45.00

Maplebear (NASDAQ:CART) had its price objective raised by Bank of America from $41.00 to $45.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 13.38% from the company’s current price.

CART has been the topic of several other reports. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research report on Monday. BMO Capital Markets upped their target price on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Piper Sandler upped their target price on shares of Maplebear from $47.00 to $50.00 and gave the company 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. Finally, Gordon Haskett upgraded shares of Maplebear from a “hold” rating to a “buy” rating and upped their target price for the company from $37.00 to $45.00 in a research report on Wednesday, June 5th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.33.

Maplebear Stock Down 1.3 %

CART stock traded down $0.53 during mid-day trading on Tuesday, hitting $39.69. The company had a trading volume of 1,709,256 shares, compared to its average volume of 4,110,523. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.58. The company has a 50-day moving average price of $34.86 and a 200 day moving average price of $34.76.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The business’s revenue was up 14.9% on a year-over-year basis. Analysts predict that Maplebear will post 1.12 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,669 shares of company stock valued at $2,682,769. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its position in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the last quarter. Cantor Fitzgerald L. P. lifted its position in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. nVerses Capital LLC lifted its position in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in Maplebear during the fourth quarter valued at approximately $69,000. Finally, Quarry LP lifted its position in Maplebear by 269.5% during 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 during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.