Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Barclays Analyst Says

Maplebear (NASDAQ:CART) had its price objective raised by Barclays from $48.00 to $56.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. increased their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday. Stifel Nicolaus upped their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Citigroup lifted their price target on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Morgan Stanley cut their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. Finally, Piper Sandler raised their target price on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Down 2.2 %

NASDAQ:CART opened at $42.00 on Wednesday. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The firm has a market cap of $10.95 billion, a P/E ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. The business’s 50-day moving average price is $42.17 and its 200 day moving average price is $36.62.

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, topping 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 for the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the previous year, the company posted ($20.86) EPS. The business’s revenue was up 11.5% compared to the same quarter last year. Sell-side analysts expect that Maplebear will post 1.2 EPS for the current year.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value 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 $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 hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 in the last three months. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in CART. Huntington National Bank bought a new position in shares of Maplebear in the 3rd quarter valued at approximately $54,000. nVerses Capital LLC grew its holdings 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 purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear in the third quarter valued at 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 during the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Maplebear in the third quarter worth $212,000. 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.