Maplebear (NASDAQ:CART) Price Target Raised to $45.00

Maplebear (NASDAQ:CART) had its target price increased by Bank of America from $41.00 to $45.00 in a report published on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on the stock. Macquarie raised their target price on shares of Maplebear from $44.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, August 8th. Wolfe Research started coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a peer perform rating on the stock. BMO Capital Markets raised their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a market perform rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an overweight rating and set a $45.00 price target on shares of Maplebear in a research report on Monday. Finally, KeyCorp initiated coverage on shares of Maplebear in a research report on Thursday, July 11th. They set a sector weight rating on the stock. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear currently has an average rating of Moderate Buy and an average price target of $43.33.

Maplebear Stock Down 2.6 %

Shares of Maplebear stock opened at $39.46 on Tuesday. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.58. The firm’s 50-day moving average price is $35.03 and its 200 day moving average price is $34.84.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that Maplebear will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,626 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,655 shares of company stock worth $2,504,824. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Capital LLC increased its stake in shares of Maplebear by 4.3% during the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after acquiring an additional 607 shares during the period. Parallel Advisors LLC increased its stake in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the period. Creative Planning increased its stake in shares of Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares during the period. nVerses Capital LLC increased its stake in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the period. Finally, Cantor Fitzgerald L. P. increased its stake in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.