Maplebear (NASDAQ:CART) Given New $55.00 Price Target at Oppenheimer

Maplebear (NASDAQ:CART) had its target price hoisted by Oppenheimer from $48.00 to $55.00 in a report issued on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other brokerages also recently commented on CART. Bank of America upped their price objective on shares of Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Stifel Nicolaus boosted their target price on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Wolfe Research initiated coverage on Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, KeyCorp assumed coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating on the stock. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.90.

Maplebear Stock Up 0.5 %

CART opened at $47.98 on Wednesday. The business has a 50 day moving average price of $40.40 and a two-hundred day moving average price of $35.99. Maplebear has a 52 week low of $22.13 and a 52 week high of $47.98. The company has a market cap of $12.51 billion, a PE ratio of -2.41, a P/E/G ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the 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 directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,457 shares of company stock valued at $3,573,142 over the last quarter. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently modified their holdings of the stock. Adero Partners LLC acquired a new stake in shares of Maplebear during the 3rd quarter valued at about $456,000. CIBC Asset Management Inc lifted its position in Maplebear by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after acquiring an additional 286 shares during the last quarter. ING Groep NV boosted its holdings in Maplebear by 119.7% during the third quarter. ING Groep NV now owns 158,600 shares of the company’s stock valued at $6,461,000 after acquiring an additional 86,400 shares during the period. Huntington National Bank acquired a new stake in shares of Maplebear in the third quarter valued at about $54,000. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after purchasing an additional 584 shares during the period. Institutional investors and hedge funds 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.