Oppenheimer Increases Maplebear (NASDAQ:CART) Price Target to $48.00

Maplebear (NASDAQ:CART) had its price objective raised by Oppenheimer from $36.00 to $48.00 in a research note released on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

CART has been the topic of several other research reports. Fox Advisors downgraded Maplebear from an overweight rating to an equal weight rating in a research note on Monday, April 1st. Sanford C. Bernstein raised shares of Maplebear from a market perform rating to an outperform rating and boosted their target price for the stock from $30.00 to $43.00 in a report on Thursday, March 14th. Wolfe Research raised their target price on shares of Maplebear from $35.00 to $39.00 and gave the company an outperform rating in a research note on Tuesday, March 5th. BMO Capital Markets began coverage on shares of Maplebear in a research note on Tuesday, January 9th. They issued a market perform rating and a $26.00 price target on the stock. Finally, Benchmark downgraded shares of Maplebear from a buy rating to a hold rating in a report on Tuesday, January 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Maplebear presently has an average rating of Moderate Buy and an average target price of $38.79.

Maplebear Price Performance

Shares of NASDAQ CART opened at $35.46 on Monday. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95. The firm has a fifty day moving average price of $35.59 and a 200-day moving average price of $28.73.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analysts’ expectations of $804.62 million. The company’s revenue was up 6.1% on a year-over-year basis. As a group, equities analysts expect that Maplebear will post 0.53 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of Maplebear stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the purchase, the insider now owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the purchase, the insider now owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last three months, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Capital LLC increased its stake in Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC grew its holdings in shares of Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the last quarter. Signaturefd LLC purchased a new position in Maplebear in the 3rd quarter worth about $30,000. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new stake in Maplebear during the 4th quarter valued at about $69,000. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.