Morgan Stanley Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART - Free Report) had its price target boosted by Morgan Stanley from $41.00 to $44.00 in a research note released on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Jefferies Financial Group started coverage on Maplebear in a research note on Wednesday, October 16th. They issued a "hold" rating and a $43.00 price objective on the stock. Wells Fargo & Company began coverage on Maplebear in a research report on Friday. They issued an "equal weight" rating and a $47.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Maplebear from $47.00 to $52.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $45.00 target price on shares of Maplebear in a report on Monday, October 7th. Finally, Barclays increased their price target on shares of Maplebear from $48.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.63.

Maplebear Stock Performance

NASDAQ:CART traded up $0.28 on Monday, hitting $44.51. The stock had a trading volume of 26,423,938 shares, compared to its average volume of 7,250,834. Maplebear has a 1 year low of $22.70 and a 1 year high of $50.01. The firm's fifty day simple moving average is $43.59 and its two-hundred day simple moving average is $39.38. The stock has a market cap of $11.43 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04.

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 analysts' consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% 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 company posted ($20.86) earnings per share. Equities research analysts predict that Maplebear will post 1.4 EPS for the current year.

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,559 shares of the company's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $109,960.23. Following the completion of the transaction, the chief accounting officer now directly owns 96,666 shares in the company, valued at $4,153,738.02. This represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of the business's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the sale, the general counsel now owns 287,659 shares in the company, valued at approximately $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,128 shares of company stock worth $4,980,404. Insiders own 36.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of CART. Pacer Advisors Inc. purchased a new stake in shares of Maplebear in the third quarter valued at about $158,701,000. Sculptor Capital LP bought a new stake in Maplebear during the 2nd quarter worth approximately $77,361,000. Geode Capital Management LLC boosted its holdings in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company's stock valued at $111,361,000 after purchasing an additional 1,647,081 shares during the period. Charles Schwab Investment Management Inc. grew 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, Southpoint Capital Advisors LP increased its holdings in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company's stock worth $101,850,000 after purchasing an additional 900,000 shares during the period. 63.09% of the stock is currently owned by 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.