Maplebear (NASDAQ:CART) Given New $47.00 Price Target at Citigroup

Maplebear (NASDAQ:CART) had its target price boosted by Citigroup from $44.00 to $47.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

CART has been the topic of a number of other reports. JMP Securities raised their price objective on Maplebear from $35.00 to $42.00 and gave the stock a market outperform rating in a report on Thursday, May 9th. Wedbush raised their price objective on Maplebear from $35.00 to $38.00 and gave the stock a neutral rating in a report on Wednesday. Morgan Stanley raised their price objective on Maplebear from $43.00 to $45.00 and gave the stock an equal weight rating in a report on Tuesday, July 23rd. Moffett Nathanson restated a neutral rating and issued a $37.00 price objective (up from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Finally, Wolfe Research initiated coverage on Maplebear in a report on Tuesday, July 16th. They issued a peer perform rating on the stock. Eleven investment 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 presently has a consensus rating of Moderate Buy and a consensus target price of $42.70.

Maplebear Stock Performance

NASDAQ CART traded down $0.22 during trading hours on Thursday, hitting $31.90. 2,854,960 shares of the company’s stock were exchanged, compared to its average volume of 4,129,516. The business’s 50 day moving average is $33.29 and its 200-day moving average is $33.03. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The company’s revenue was up 14.9% compared to the same quarter last year. On average, research analysts predict that Maplebear will post 1.02 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the completion of the sale, the chief executive officer now directly owns 1,992,667 shares in the company, valued at approximately $67,372,071.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the transaction, the general counsel now directly owns 391,069 shares in the company, valued at approximately $12,983,490.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Fidji Simo sold 2,500 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the transaction, the chief executive officer now owns 1,992,667 shares of the company’s stock, valued at $67,372,071.27. The disclosure for this sale can be found here. Insiders sold a total of 53,388 shares of company stock worth $1,795,513 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Canaan Partners IX LLC acquired a new position in Maplebear during the 4th quarter worth $87,508,000. Norges Bank acquired a new position in Maplebear during the 4th quarter worth $78,674,000. Federated Hermes Inc. boosted its position in Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after acquiring an additional 876,439 shares during the period. Thrive Capital Management LLC acquired a new position in Maplebear during the 3rd quarter worth $47,818,000. Finally, Industry Ventures L.L.C. boosted its position in Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after acquiring an additional 31,175 shares during the period. 63.09% of the stock is currently 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.