Maplebear (NASDAQ:CART) Price Target Raised to $58.00

Maplebear (NASDAQ:CART) had its price target lifted by Citigroup from $50.00 to $58.00 in a report published on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on CART. Oppenheimer raised their price objective on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Benchmark upped their target price on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Citizens Jmp reissued a “market outperform” rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Guggenheim raised their price target on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.52.

Maplebear Stock Performance

Maplebear stock opened at $48.45 on Monday. Maplebear has a 52 week low of $32.73 and a 52 week high of $51.06. The firm has a market capitalization of $11.22 billion, a PE ratio of 26.48, a PEG ratio of 0.73 and a beta of 0.78. The business’s 50-day simple moving average is $45.48 and its 200-day simple moving average is $41.13.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. Maplebear’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 EPS. Research analysts forecast that Maplebear will post 2.33 earnings per share for the current year.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently bought and sold shares of CART. Pinnacle Bancorp Inc. bought a new position in shares of Maplebear during the 1st quarter worth about $25,000. PenderFund Capital Management Ltd. bought a new stake in Maplebear in the fourth quarter valued at about $27,000. Allworth Financial LP increased its stake in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares during the period. IFP Advisors Inc raised its position in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.