Citigroup Increases Maplebear (NASDAQ:CART) Price Target to $44.00

Maplebear (NASDAQ:CART) had its price objective raised by research analysts at Citigroup from $42.00 to $44.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 21.92% from the stock’s current price.

Other analysts have also recently issued reports about the company. JMP Securities upped their price objective on Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a report on Thursday. Wolfe Research lifted their price objective on shares of Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Sanford C. Bernstein upgraded shares of Maplebear from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Finally, Robert W. Baird lifted their price objective on Maplebear from $31.00 to $44.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Ten 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.89.

Maplebear Stock Performance

Shares of NASDAQ CART traded down $1.39 during midday trading on Thursday, hitting $36.09. The company’s stock had a trading volume of 7,584,203 shares, compared to its average volume of 4,136,903. Maplebear has a one year low of $22.13 and a one year high of $42.95. The stock has a fifty day moving average price of $36.17 and a 200 day moving average price of $29.15.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.39. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. The firm’s revenue was up 8.0% on a year-over-year basis. Sell-side analysts predict that Maplebear will post 0.53 earnings per share for the current year.

Insider Activity

In related news, CFO Nick Giovanni sold 900 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.00, for a total value of $31,500.00. Following the completion of the transaction, the chief financial officer now directly owns 591,077 shares in the company, valued at $20,687,695. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Maplebear news, CFO Nick Giovanni sold 900 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the completion of the sale, the chief financial officer now directly owns 591,077 shares in the company, valued at $20,687,695. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 12,113 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the business. SC US Ttgp LTD. purchased a new position in shares of Maplebear during the 3rd quarter valued at $1,180,490,000. KPCB DGF II Associates LLC bought a new stake in Maplebear in the third quarter valued at about $119,544,000. Canaan Partners IX LLC bought a new stake in Maplebear in the fourth quarter valued at about $87,508,000. Norges Bank bought a new stake in Maplebear in the fourth quarter valued at about $78,674,000. Finally, Technology Crossover Management XI Ltd. bought a new stake in Maplebear during the third quarter worth about $80,163,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.