Maplebear (NASDAQ:CART) Given New $51.00 Price Target at Bank of America

Maplebear (NASDAQ:CART - Get Free Report) had its target price lifted by equities researchers at Bank of America from $50.00 to $51.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's price target points to a potential upside of 18.55% from the company's previous close.

A number of other research firms have also weighed in on CART. Morgan Stanley lowered their price objective on Maplebear from $45.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 24th. Benchmark reissued a "hold" rating on shares of Maplebear in a research note on Wednesday, August 7th. Stifel Nicolaus upped their price target on Maplebear from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. Finally, BMO Capital Markets upped their price target on Maplebear from $36.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $46.95.

Maplebear Stock Down 11.0 %

Shares of Maplebear stock traded down $5.32 on Wednesday, reaching $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 company has a market capitalization of $11.22 billion, a P/E ratio of 28.87, a PEG ratio of 1.50 and a beta of 1.12. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The stock has a 50-day moving average price of $41.66 and a 200-day moving average price of $36.46.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly 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. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to analysts' expectations of $844.03 million. During the same period in the previous year, the business earned ($20.86) earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. Sell-side analysts forecast that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 29,253 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company's stock, valued at approximately $12,411,240.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares of the company's stock, valued at approximately $12,411,240.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the company's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now directly 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 over the last 90 days. Insiders own 36.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc boosted its holdings in Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company's stock valued at $331,000 after acquiring an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Maplebear by 5.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company's stock valued at $493,000 after purchasing an additional 584 shares in the last quarter. Creative Planning lifted its holdings in shares of Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company's stock valued at $307,000 after purchasing an additional 831 shares in the last quarter. Huntington National Bank bought a new position in shares of Maplebear during the 3rd quarter valued at about $54,000. Finally, nVerses Capital LLC lifted its holdings in shares of 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 in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.