Maplebear (NASDAQ:CART) Price Target Raised to $45.00 at Bank of America

Maplebear (NASDAQ:CART) had its target price lifted by Bank of America from $41.00 to $45.00 in a research note released on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also weighed in on CART. Raymond James began coverage on Maplebear in a research report on Tuesday. They issued a market perform rating on the stock. Cantor Fitzgerald reaffirmed an overweight rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, September 23rd. Piper Sandler boosted their target price on shares of Maplebear from $47.00 to $50.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Needham & Company LLC restated a hold rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Citigroup lifted their price target on Maplebear from $44.00 to $47.00 and gave the company a buy rating in a report on Thursday, August 8th. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Maplebear presently has an average rating of Moderate Buy and an average target price of $43.33.

Maplebear Trading Up 1.1 %

Shares of CART opened at $39.90 on Tuesday. The company has a 50-day simple moving average of $35.22 and a 200-day simple moving average of $34.91. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.58.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, research analysts anticipate that Maplebear will post 1.12 EPS for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares in the company, valued at approximately $3,779,008.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,655 shares of company stock worth $2,504,824. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. boosted its position in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after purchasing an additional 2,489 shares in the last quarter. nVerses Capital LLC grew its stake in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in shares of Maplebear in the 4th quarter valued at about $69,000. Finally, Quarry LP increased its position in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

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.