Maplebear (NASDAQ:CART) Price Target Raised to $55.00 at Stifel Nicolaus

Maplebear (NASDAQ:CART) had its target price increased by investment analysts at Stifel Nicolaus from $52.00 to $55.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 22.63% from the company’s current price.

Several other analysts also recently commented on the company. Citigroup raised their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Raymond James initiated coverage on Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. BMO Capital Markets lifted 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.57.

Maplebear Price Performance

Shares of Maplebear stock traded up $0.31 on Monday, hitting $44.85. 75,546 shares of the company’s stock traded hands, compared to its average volume of 3,948,746. Maplebear has a one year low of $22.13 and a one year high of $45.13. The firm’s 50-day moving average price is $38.99 and its two-hundred day moving average price is $35.61. The stock has a market capitalization of $11.87 billion and a PE ratio of -2.27.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, analysts forecast that Maplebear will post 1.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 completion of the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at $12,360,707.23. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at $12,360,707.23. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 33,000 shares of the firm’s 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 directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,707 shares of company stock worth $2,652,050. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the business. nVerses Capital LLC raised its stake in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear in the third quarter worth about $74,000. Quarry LP boosted its holdings in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Maplebear during the 1st quarter valued at $213,000. Finally, Watts Gwilliam & Co. LLC purchased a new stake in shares of Maplebear during the third quarter worth $231,000. Hedge funds and other 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.