Maplebear (NASDAQ:CART) Given New $55.00 Price Target at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its price objective lowered by JPMorgan Chase & Co. from $65.00 to $55.00 in a research note released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on CART. Needham & Company LLC reduced their price objective on shares of Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday. JMP Securities raised their price target on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Benchmark dropped their price objective on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday. Mizuho started coverage on Maplebear in a research note on Tuesday, September 30th. They set a “neutral” rating and a $45.00 target price on the stock. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Maplebear in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.40.

Maplebear Stock Performance

Shares of Maplebear stock opened at $39.20 on Tuesday. The stock has a market cap of $10.33 billion, a P/E ratio of 21.54, a P/E/G ratio of 1.15 and a beta of 1.10. The stock’s fifty day moving average is $40.41 and its 200 day moving average is $43.94. Maplebear has a one year low of $34.78 and a one year high of $53.50.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The firm had revenue of $939.00 million for the quarter, compared to analysts’ expectations of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. Analysts predict that Maplebear will post 1.43 EPS for the current year.

Insider Activity

In other Maplebear news, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total transaction of $40,560.00. Following the sale, the director directly owned 569,742 shares of the company’s stock, valued at $22,789,680. The trade was a 0.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the sale, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This trade represents a 1.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 27,556 shares of company stock worth $1,179,482. 26.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of CART. Securian Asset Management Inc. lifted its position in Maplebear by 2.1% in the second quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock worth $566,000 after buying an additional 252 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Maplebear by 9.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after acquiring an additional 261 shares during the period. Rafferty Asset Management LLC raised its stake in shares of Maplebear by 2.5% in the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock valued at $498,000 after acquiring an additional 273 shares during the period. CWM LLC lifted its holdings in shares of Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after acquiring an additional 275 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock worth $53,000 after acquiring an additional 285 shares during the last quarter. Hedge funds and other 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.