Maplebear (NASDAQ:CART) PT Raised to $39.00 at BMO Capital Markets

Maplebear (NASDAQ:CART) had its target price increased by equities research analysts at BMO Capital Markets from $36.00 to $39.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 21.80% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Gordon Haskett upgraded shares of Maplebear from a “hold” rating to a “buy” rating and lifted their price target for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Morgan Stanley raised their price objective on Maplebear from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. KeyCorp assumed coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock. JMP Securities upped their price target on Maplebear from $35.00 to $42.00 and gave the company a “market outperform” rating in a report on Thursday, May 9th. Finally, Citigroup raised their target price on shares of Maplebear from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.70.

Maplebear Trading Down 0.3 %

Shares of CART traded down $0.10 during mid-day trading on Wednesday, reaching $32.02. The company’s stock had a trading volume of 1,124,193 shares, compared to its average volume of 4,118,204. The company’s fifty day moving average price is $33.29 and its two-hundred day moving average price is $33.03. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The company had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. As a group, equities research analysts forecast that Maplebear will post 1.02 earnings per share for the current year.

Insider Activity

In related news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the sale, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,550 shares of Maplebear stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $33.21, for a total transaction of $84,685.50. Following the sale, the chief accounting officer now owns 113,086 shares of the company’s stock, valued at approximately $3,755,586.06. The disclosure for this sale can be found here. Insiders sold 53,388 shares of company stock valued at $1,795,513 in the last ninety days. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently made changes to their positions in CART. Renaissance Capital LLC raised its holdings in shares of Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC grew its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares in the last quarter. nVerses Capital LLC increased its position in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the period. Cantor Fitzgerald L. P. raised its holdings in shares of Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares in the last quarter. Finally, Great Valley Advisor Group Inc. lifted its position in shares of Maplebear by 32.1% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock worth $331,000 after purchasing an additional 2,500 shares during the period. 63.09% of the stock is currently owned by hedge funds and other 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.