Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Bank of America Analyst Says

Maplebear (NASDAQ:CART) had its price objective increased by Bank of America from $50.00 to $51.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts have also weighed in on the company. Oppenheimer upped their price objective on Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley dropped their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Wedbush lifted their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Wolfe Research assumed coverage on shares of Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Macquarie lifted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

CART opened at $42.00 on Wednesday. The company has a market capitalization of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. The firm’s fifty day moving average price is $42.17 and its two-hundred day moving average price is $36.61. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

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

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock worth $4,978,164 over the last three months. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Oppenheimer & Co. Inc. bought a new position in shares of Maplebear during the 1st quarter valued at about $213,000. Russell Investments Group Ltd. acquired a new position in shares of Maplebear in the first quarter valued at approximately $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Maplebear during the first quarter worth $6,462,000. Lord Abbett & CO. LLC acquired a new stake in shares of Maplebear during the first quarter worth $28,674,000. Finally, Vanguard Group Inc. lifted its position in Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after acquiring an additional 150,544 shares in 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.