Maplebear (NASDAQ:CART) Given New $53.00 Price Target at Bank of America

Maplebear (NASDAQ:CART) had its target price upped by Bank of America from $51.00 to $53.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential upside of 7.37% from the company’s current price.

Other research analysts also recently issued reports about the company. Piper Sandler upped their price target on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. JMP Securities upped their target price on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Morgan Stanley lifted their price target on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. boosted their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Stifel Nicolaus upped their price objective on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.04.

Maplebear Trading Down 5.7 %

CART stock opened at $49.36 on Tuesday. The stock has a market capitalization of $12.68 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The stock’s 50 day simple moving average is $46.34 and its 200 day simple moving average is $42.56. Maplebear has a 12-month low of $29.72 and a 12-month high of $53.44.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares in the company, valued at $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,311 shares of company stock worth $1,088,636. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Large investors have recently made changes to their positions in the company. Jones Financial Companies Lllp raised its position in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the period. CIBC Asset Management Inc grew its stake in shares of Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after buying an additional 286 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares during the period. WCG Wealth Advisors LLC lifted its stake in shares of Maplebear by 3.3% during the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after acquiring an additional 451 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its holdings in Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.