Maplebear (NASDAQ:CART) Price Target Cut to $41.00

Maplebear (NASDAQ:CART) had its price target lowered by Morgan Stanley from $45.00 to $41.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 1.23% from the stock’s current price.

Several other analysts have also weighed in on the stock. BMO Capital Markets lifted their price objective on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Citigroup upped their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. KeyCorp assumed coverage on Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating on the stock. Finally, Wolfe Research began coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.33.

Maplebear Trading Up 1.0 %

Shares of Maplebear stock opened at $40.50 on Tuesday. The business has a 50-day moving average price of $34.93 and a two-hundred day moving average price of $34.80. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.58.

Maplebear (NASDAQ:CART) last released its 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. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts forecast that Maplebear will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was 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 of the company’s stock, valued at approximately $65,065,320.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the sale, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,655 shares of company stock worth $2,504,824. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Sculptor Capital LP bought a new stake in shares of Maplebear in the 2nd quarter worth approximately $77,361,000. Federated Hermes Inc. increased its position in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the last quarter. Industry Ventures L.L.C. increased its position in Maplebear by 3.3% in the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after buying an additional 31,175 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Maplebear in the first quarter valued at $31,109,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Maplebear during the 1st quarter valued at $28,674,000. 63.09% of the stock is owned by institutional investors.

Maplebear Company Profile

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.