Maplebear (NASDAQ:CART) Price Target Raised to $60.00 at Oppenheimer

Maplebear (NASDAQ:CART) had its target price raised by Oppenheimer from $55.00 to $60.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts have also commented on CART. JPMorgan Chase & Co. lifted their price target on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday. Stifel Nicolaus boosted their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Wolfe Research assumed coverage on shares of Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Finally, Wedbush increased their target price on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Stock Performance

Shares of CART traded down $1.54 during mid-day trading on Wednesday, hitting $41.48. 722,635 shares of the stock were exchanged, compared to its average volume of 3,953,060. The firm has a 50-day moving average of $41.85 and a two-hundred day moving average of $36.51. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The company has a market cap of $10.82 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 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 13.32%. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter last year, the business earned ($20.86) earnings per share. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts predict that Maplebear will post 1.17 EPS for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value 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 $12,411,240.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank purchased a new stake in shares of Maplebear during the third quarter valued at about $54,000. nVerses Capital LLC raised its stake in shares of 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 acquiring an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear during the third quarter valued at approximately $74,000. Quarry LP boosted its stake in 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. Finally, Vinva Investment Management Ltd purchased a new position in Maplebear in the third quarter worth $212,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.