Maplebear (NASDAQ:CART) Given New $55.00 Price Target at Oppenheimer

Maplebear (NASDAQ:CART) had its target price lifted by equities researchers at Oppenheimer from $48.00 to $55.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential upside of 20.64% from the company’s previous close.

CART has been the subject of several other reports. Morgan Stanley decreased their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a report on Monday, October 7th. Macquarie raised their target price on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Maplebear in a research report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.90.

Maplebear Price Performance

Shares of CART opened at $45.59 on Wednesday. Maplebear has a one year low of $22.13 and a one year high of $46.07. The company has a 50-day moving average of $40.40 and a two-hundred day moving average of $35.99. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of -2.30, a PEG ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The firm’s revenue was up 14.9% on a year-over-year basis. Analysts anticipate that Maplebear will post 1.17 earnings per share for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the sale, the chief executive officer now owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,457 shares of company stock valued at $3,573,142. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC boosted its stake 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. Mirae Asset Global Investments Co. Ltd. bought a new stake in Maplebear during the 3rd quarter valued at approximately $74,000. Quarry LP boosted its stake in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Maplebear during the 1st quarter valued at approximately $213,000. Finally, Watts Gwilliam & Co. LLC bought a new stake in Maplebear during the 3rd quarter valued at approximately $231,000. 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.