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

Maplebear (NASDAQ:CART) had its target price raised by research analysts at Macquarie from $50.00 to $52.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price target suggests a potential upside of 21.72% from the stock’s previous close.

A number of other research firms also recently commented on CART. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Raymond James initiated coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Morgan Stanley reduced their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Finally, Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Price Performance

NASDAQ CART traded down $0.30 during trading hours on Thursday, hitting $42.72. The company had a trading volume of 3,225,430 shares, compared to its average volume of 3,964,385. The company has a market capitalization of $11.14 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The firm’s 50 day moving average is $41.85 and its 200 day moving average is $36.51.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($20.86) earnings per share. On average, equities analysts anticipate that Maplebear will post 1.17 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the company’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 transaction, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 0.00 % 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 20,750 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the transaction, the chief executive officer now owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,710 shares of company stock valued at $4,978,164. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after buying an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Maplebear during the 2nd quarter worth $8,293,000. Investment House LLC bought a new stake in Maplebear during the second quarter valued at about $750,000. Eos Management L.P. grew its position in shares of Maplebear by 98.1% in the third quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock valued at $1,284,000 after purchasing an additional 15,600 shares during the last quarter. Finally, Diversified Trust Co increased its stake in shares of Maplebear by 141.8% in the third quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock worth $1,001,000 after purchasing an additional 14,404 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.