Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Piper Sandler Analyst Says

Maplebear (NASDAQ:CART) had its target price lifted by Piper Sandler from $50.00 to $58.00 in a research note published on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on the company. Jefferies Financial Group began coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Stifel Nicolaus upped their price target on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Oppenheimer lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday. Robert W. Baird upped their target price on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Citigroup lifted their price target on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $43.02 on Wednesday. The stock has a market cap of $11.22 billion, a price-to-earnings ratio of 28.87, a P/E/G ratio of 1.50 and a beta of 1.12. The company has a 50 day moving average of $41.66 and a 200-day moving average of $36.46. Maplebear has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last released its 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 firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($20.86) EPS. Equities research analysts anticipate that Maplebear will post 1.17 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total value of $921,092.50. Following the completion of the transaction, the chief executive officer now owns 1,803,278 shares of the company’s stock, valued at $80,047,510.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 in the last three months. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently bought and sold shares of the business. Huntington National Bank acquired a new stake in shares of Maplebear in the third quarter valued at approximately $54,000. nVerses Capital LLC raised its stake in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear during the 3rd quarter valued at $74,000. Quarry LP increased its holdings in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Watts Gwilliam & Co. LLC bought a new position in shares of Maplebear in the third quarter valued at about $231,000. 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.