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

Maplebear (NASDAQ:CART) had its target price increased by Barclays from $48.00 to $56.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 32.58% from the company’s previous close.

Several other analysts also recently issued reports on CART. Stifel Nicolaus raised their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Jefferies Financial Group assumed coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Finally, Wedbush boosted their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $46.14.

Maplebear Trading Down 12.6 %

NASDAQ:CART traded down $6.10 during mid-day trading on Wednesday, hitting $42.24. The company had a trading volume of 4,690,953 shares, compared to its average volume of 3,934,672. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of -2.13, a PEG ratio of 1.48 and a beta of 1.12. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The business has a fifty day simple moving average of $41.66 and a 200-day simple moving average of $36.46.

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 negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the firm posted ($20.86) earnings per share. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, research analysts anticipate that Maplebear will post 1.17 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear 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 directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 in the last 90 days. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several institutional investors and hedge funds have recently made changes to their positions in CART. Huntington National Bank bought a new position in Maplebear in the 3rd quarter valued at $54,000. nVerses Capital LLC increased its holdings in shares of Maplebear by 1,600.0% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear in the 3rd quarter valued at $74,000. Quarry LP boosted its stake in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in Maplebear in the first quarter valued at approximately $213,000. 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.