JMP Securities Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its target price increased by investment analysts at JMP Securities from $42.00 to $51.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 21.60% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. BMO Capital Markets upped their price objective on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday. Wedbush raised their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Stifel Nicolaus increased 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. Jefferies Financial Group started coverage on Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Finally, Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $46.95.

Maplebear Price Performance

CART stock traded down $6.40 during midday trading on Wednesday, reaching $41.94. The company had a trading volume of 6,513,960 shares, compared to its average volume of 3,942,958. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The company has a market capitalization of $10.94 billion, a P/E ratio of -2.11, a P/E/G ratio of 1.48 and a beta of 1.12. The firm has a 50-day moving average price of $41.66 and a 200-day moving average price of $36.46.

Maplebear (NASDAQ:CART) last released 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. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the previous year, the company earned ($20.86) EPS. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities analysts predict that Maplebear will post 1.17 EPS for the current year.

Insider Transactions at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 over the last 90 days. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the company. Portman Ltd bought a new position in Maplebear during the third quarter worth $3,196,000. Cerity Partners LLC bought a new stake in shares of Maplebear in the 3rd quarter worth about $1,442,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Maplebear during the 3rd quarter worth about $158,701,000. Finally, AlpInvest Partners B.V. acquired a new position in Maplebear during the 3rd quarter worth about $24,342,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.