Maplebear (NASDAQ:CART) Price Target Raised to $65.00

Maplebear (NASDAQ:CART) had its price objective lifted by Citigroup from $58.00 to $65.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on the company. Cantor Fitzgerald lowered Maplebear from an “overweight” rating to a “hold” rating and increased their target price for the stock from $63.00 to $65.00 in a research note on Friday, October 30th. Wedbush downgraded Maplebear from an “outperform” rating to a “hold” rating and lifted their target price for the stock from $63.00 to $65.00 in a research report on Friday, October 30th. Rosenblatt Securities began coverage on shares of Maplebear in a research note on Tuesday, September 1st. They set a “neutral” rating and a $55.00 target price for the company. Oppenheimer upped their price target on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Finally, Barclays downgraded shares of Maplebear from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $77.00 to $65.00 in a research note on Friday, October 30th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $59.06.

Maplebear Stock Performance

CART opened at $59.22 on Monday. The stock’s 50 day moving average price is $49.49 and its 200-day moving average price is $43.57. Maplebear has a one year low of $32.73 and a one year high of $62.00. The stock has a market cap of $13.71 billion, a price-to-earnings ratio of 27.12, a P/E/G ratio of 1.16 and a beta of 0.69.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.03). Maplebear had a return on equity of 22.50% and a net margin of 11.59%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the business posted $0.42 earnings per share. Maplebear’s revenue was up 16.6% on a year-over-year basis. As a group, analysts predict that Maplebear will post 2.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. This trade represents a 20.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total value of $937,890.00. Following the transaction, the insider owned 529,911 shares in the company, valued at $27,025,461. The trade was a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 309,928 shares of company stock valued at $16,121,073 over the last 90 days. 24.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Angeles Wealth Management LLC raised its holdings in shares of Maplebear by 3.7% in the 3rd quarter. Angeles Wealth Management LLC now owns 4,965 shares of the company’s stock valued at $214,000 after purchasing an additional 179 shares in the last quarter. Brighton Jones LLC lifted its position in shares of Maplebear by 3.2% in the 3rd quarter. Brighton Jones LLC now owns 8,286 shares of the company’s stock worth $357,000 after purchasing an additional 254 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Maplebear by 5.1% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,363 shares of the company’s stock valued at $231,000 after purchasing an additional 260 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Maplebear by 4.3% during the third quarter. Wedmont Private Capital now owns 7,026 shares of the company’s stock valued at $325,000 after purchasing an additional 290 shares in the last quarter. Finally, CX Institutional boosted its stake in shares of Maplebear by 91.5% during the third quarter. CX Institutional now owns 944 shares of the company’s stock valued at $41,000 after purchasing an additional 451 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart’s marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.