BMO Capital Markets Raises Maplebear (NASDAQ:CART) Price Target to $48.00

Maplebear (NASDAQ:CART - Free Report) had its price target boosted by BMO Capital Markets from $39.00 to $48.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other brokerages have also recently issued reports on CART. Raymond James started coverage on Maplebear in a report on Tuesday, September 24th. They set a "market perform" rating for the company. Citigroup lifted their price objective on Maplebear from $44.00 to $47.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Benchmark reissued a "hold" rating on shares of Maplebear in a report on Wednesday, August 7th. Jefferies Financial Group began coverage on Maplebear in a research report on Wednesday, October 16th. They set a "hold" rating and a $43.00 price objective for the company. Finally, Piper Sandler increased their target price on Maplebear from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $46.95.

Maplebear Stock Performance

Shares of CART traded down $5.32 during mid-day trading on Wednesday, hitting $43.02. The company's stock had a trading volume of 11,841,116 shares, compared to its average volume of 3,967,173. The firm has a market capitalization of $11.22 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01. The stock's 50-day moving average is $41.66 and its two-hundred day moving average is $36.46.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts' expectations of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. Maplebear's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business earned ($20.86) earnings per share. Analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business'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 directly owns 1,844,778 shares in the company, valued at $65,065,320.06. 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 through the SEC website. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business'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 directly owns 1,844,778 shares in the company, valued at $65,065,320.06. 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 through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear 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 approximately $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock worth $4,978,164 over the last ninety days. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the stock. Huntington National Bank bought a new stake in Maplebear during the third quarter worth about $54,000. nVerses Capital LLC raised its position in Maplebear by 1,600.0% during the 2nd 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear during the 3rd quarter valued at approximately $74,000. Quarry LP grew its holdings in shares of 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 period. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Maplebear in the 1st quarter worth approximately $213,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.