JPMorgan Chase & Co. Lowers Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price target decreased by analysts at JPMorgan Chase & Co. from $52.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 15.23% from the stock’s previous close.

A number of other research firms have also issued reports on CART. Wedbush reduced their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday. BMO Capital Markets boosted their target price on shares of Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price target for the company. Macquarie lifted their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, Oppenheimer dropped their price objective on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday. Thirteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.80.

Maplebear Stock Performance

NASDAQ CART traded down $5.39 on Wednesday, hitting $43.39. 6,270,005 shares of the stock were exchanged, compared to its average volume of 4,289,651. Maplebear has a 52-week low of $29.84 and a 52-week high of $53.44. The firm has a market capitalization of $11.15 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.19 and a beta of 1.07. The stock has a fifty day moving average price of $46.46 and a two-hundred day moving average price of $42.68.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Sell-side analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the sale, the chief accounting officer now directly owns 87,735 shares in the company, valued at approximately $3,697,152.90. This trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock valued at $1,088,636 over the last three months. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in shares of Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after buying an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear in the third quarter worth $33,000. Allworth Financial LP boosted its stake in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares during the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in Maplebear in the 4th quarter worth approximately $46,000. 63.09% of the stock is owned by institutional investors.

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.