Macquarie Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its target price raised by Macquarie from $50.00 to $52.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price objective would indicate a potential upside of 23.81% from the company’s current price.

CART has been the topic of several other reports. Raymond James initiated coverage on shares of Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Robert W. Baird upped their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays lifted their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets increased their target price on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, JMP Securities raised their price target on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.2 %

Shares of CART stock opened at $42.00 on Thursday. The firm has a market cap of $10.95 billion, a P/E ratio of 28.81, a PEG ratio of 1.30 and a beta of 1.12. The company has a 50 day moving average of $42.01 and a 200-day moving average of $36.55. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period last year, the business posted ($20.86) earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities analysts expect that Maplebear will post 1.2 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the transaction, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock valued at $4,978,164 over the last quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CART. Oppenheimer & Co. Inc. purchased a new stake in Maplebear during the 1st quarter valued at $213,000. Russell Investments Group Ltd. purchased a new stake in shares of Maplebear during the first quarter worth about $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Maplebear in the first quarter worth about $6,462,000. Lord Abbett & CO. LLC purchased a new position in Maplebear during the 1st quarter valued at about $28,674,000. Finally, Vanguard Group Inc. raised its position in Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.