Maplebear (NASDAQ:CART) Price Target Raised to $55.00

Maplebear (NASDAQ:CART - Get Free Report) had its target price upped by stock analysts at Oppenheimer from $48.00 to $55.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price target would indicate a potential upside of 15.21% from the company's current price.

CART has been the subject of a number of other research reports. Raymond James initiated coverage on Maplebear in a research note on Tuesday, September 24th. They set a "market perform" rating for the company. Morgan Stanley cut their price target on Maplebear from $45.00 to $41.00 and set an "equal weight" rating for the company in a research note on Tuesday, September 24th. Needham & Company LLC restated a "hold" rating on shares of Maplebear in a research note on Wednesday, August 7th. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They issued a "peer perform" rating on the stock. Finally, Jefferies Financial Group initiated coverage on Maplebear in a research note on Wednesday, October 16th. They issued a "hold" rating and a $43.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Maplebear has an average rating of "Moderate Buy" and a consensus target price of $43.90.

Maplebear Trading Up 4.7 %

Maplebear stock traded up $2.15 during midday trading on Wednesday, reaching $47.74. The stock had a trading volume of 4,229,860 shares, compared to its average volume of 3,909,387. Maplebear has a 12 month low of $22.13 and a 12 month high of $47.95. The company has a market capitalization of $12.45 billion, a P/E ratio of -2.30, a PEG ratio of 1.39 and a beta of 1.12. The company has a fifty day moving average price of $40.40 and a two-hundred day moving average price of $35.99.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. Maplebear's revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts predict that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the company's stock in a transaction on Wednesday, August 28th. The shares were 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 of the company's stock, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Fidji Simo sold 33,000 shares of the 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 transaction, the chief executive officer now owns 1,844,778 shares of the company's stock, valued at $65,065,320.06. 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. Also, General Counsel Morgan Fong sold 11,325 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the transaction, the general counsel now directly owns 287,659 shares in the company, valued at approximately $12,360,707.23. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,457 shares of company stock valued at $3,573,142 in the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

Several institutional investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its position in Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company's stock valued at $331,000 after buying an additional 286 shares during the period. ING Groep NV boosted its position in Maplebear by 119.7% during the third quarter. ING Groep NV now owns 158,600 shares of the company's stock valued at $6,461,000 after buying an additional 86,400 shares during the period. Huntington National Bank purchased a new stake in Maplebear during the third quarter valued at about $54,000. Oppenheimer & Co. Inc. boosted its position in Maplebear by 5.1% during the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company's stock valued at $493,000 after buying an additional 584 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Maplebear by 6.1% during the third quarter. Victory Capital Management Inc. now owns 39,019 shares of the company's stock valued at $1,590,000 after buying an additional 2,234 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.