JPMorgan Chase & Co. Boosts Maplebear (NASDAQ:CART) Price Target to $52.00

Maplebear (NASDAQ:CART - Get Free Report) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $47.00 to $52.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 20.87% from the stock's previous close.

Several other equities analysts have also weighed in on the company. Citigroup lifted their price objective on Maplebear from $44.00 to $47.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Maplebear from $45.00 to $41.00 and set an "equal weight" rating for the company in a research note on Tuesday, September 24th. Cantor Fitzgerald restated an "overweight" rating and set a $45.00 target price on shares of Maplebear in a report on Monday, October 7th. Bank of America increased their price target on Maplebear from $50.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Robert W. Baird boosted their price objective on Maplebear from $44.00 to $51.00 and gave the stock an "outperform" rating in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.95.

Maplebear Trading Down 11.0 %

Shares of NASDAQ CART traded down $5.32 on Wednesday, reaching $43.02. 11,960,825 shares of the company traded hands, compared to its average volume of 3,967,722. The stock has a market capitalization of $11.22 billion, a PE ratio of 28.87, 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 company has a 50 day moving average of $41.66 and a 200 day moving average of $36.46.

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

Insiders Place Their Bets

In related news, CEO Fidji Simo sold 33,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value 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. 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 this link. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 over the last quarter. Insiders own 36.00% of the company's stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the 3rd quarter worth $158,701,000. Sculptor Capital LP bought a new stake in Maplebear in the second quarter worth about $77,361,000. Federated Hermes Inc. raised its position in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company's stock worth $55,739,000 after acquiring an additional 876,439 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company's stock valued at $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Finally, Industry Ventures L.L.C. grew its stake in shares of Maplebear by 3.3% in the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company's stock worth $31,512,000 after purchasing an additional 31,175 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

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.