Maplebear (NASDAQ:CART) Price Target Cut to $52.00 by Analysts at Loop Capital

Maplebear (NASDAQ:CART) had its price objective decreased by research analysts at Loop Capital from $56.00 to $52.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Loop Capital’s price objective would indicate a potential upside of 32.37% from the company’s previous close.

Several other analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research note on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target on the stock. Mizuho cut their target price on Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. JMP Securities lifted their price target on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. BTIG Research upgraded shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Tuesday, January 14th. Finally, Oppenheimer reduced 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, February 26th. Thirteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $50.21.

Maplebear Stock Up 1.8 %

Shares of CART stock traded up $0.70 during mid-day trading on Thursday, reaching $39.29. 436,870 shares of the company’s stock traded hands, compared to its average volume of 3,855,803. The company’s 50-day moving average price is $46.15 and its 200-day moving average price is $42.94. The company has a market cap of $10.09 billion, a P/E ratio of 26.40, a P/E/G ratio of 1.19 and a beta of 1.34. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Equities analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of Maplebear 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 transaction, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,314 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,061 shares of company stock valued at $1,987,318. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Jones Financial Companies Lllp lifted its holdings in Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear during the 3rd quarter valued at $33,000. Allworth Financial LP increased its stake in 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 in the last quarter. NewEdge Advisors LLC raised its stake in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after purchasing an additional 717 shares during the period. Finally, Anderson Financial Strategies LLC purchased a new position in Maplebear during the fourth quarter valued at $46,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.