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

Maplebear (NASDAQ:CART - Get Free Report) had its target price hoisted by Oppenheimer from $55.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price objective would suggest a potential upside of 39.47% from the stock's previous close.

A number of other equities research analysts have also commented on the company. Wolfe Research initiated coverage on Maplebear in a research report on Tuesday, July 16th. They issued a "peer perform" rating for the company. Stifel Nicolaus raised their target price on Maplebear from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Robert W. Baird raised their target price on Maplebear from $44.00 to $51.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Bank of America raised their target price on Maplebear from $50.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $46.95.

Maplebear Price Performance

Shares of NASDAQ:CART traded down $5.32 during trading on Wednesday, reaching $43.02. 11,960,825 shares of the stock were exchanged, compared to its average volume of 3,967,722. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a fifty day moving average of $41.66 and a two-hundred day moving average of $36.46. The firm has a market cap of $11.22 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period in the prior year, the firm earned ($20.86) earnings per share. Maplebear'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 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 29,253 shares of the business's stock in a transaction that occurred 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 sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the business's stock in a transaction that occurred 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 sale, the general counsel now owns 258,406 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,844,778 shares of the company's stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock worth $4,978,164 in the last quarter. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. purchased a new position in shares of Maplebear during the third quarter valued at approximately $158,701,000. Sculptor Capital LP purchased a new position in shares of Maplebear during the second quarter valued at approximately $77,361,000. Federated Hermes Inc. increased its stake in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company's stock valued at $55,739,000 after buying an additional 876,439 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company's stock valued at $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Industry Ventures L.L.C. grew its stake in Maplebear by 3.3% in the second 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 period. 63.09% of the stock is 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.