Maplebear (NASDAQ:CART) Price Target Raised to $44.00

Maplebear (NASDAQ:CART) had its price target boosted by Guggenheim from $40.00 to $44.00 in a research report released on Wednesday,Benzinga reports. Guggenheim currently has a neutral rating on the stock.

Several other research analysts also recently weighed in on CART. Weiss Ratings upgraded shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. Wells Fargo & Company boosted their price objective on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Wedbush started coverage on shares of Maplebear in a research report on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price objective for the company. Finally, Barclays raised their target price on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $51.67.

Maplebear Price Performance

Shares of NASDAQ CART opened at $44.60 on Wednesday. Maplebear has a 1-year low of $32.73 and a 1-year high of $53.50. The business has a 50-day moving average of $44.38 and a 200-day moving average of $40.69. The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 0.61 and a beta of 0.75.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.37 earnings per share. Research analysts expect that Maplebear will post 2.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after acquiring an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Maplebear by 31.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares during the period. Viking Global Investors LP acquired a new position in Maplebear in the 2nd quarter worth approximately $169,782,000. Geode Capital Management LLC grew its position in Maplebear by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after purchasing an additional 54,010 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Maplebear by 3.2% during the 4th quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock worth $147,892,000 after purchasing an additional 101,278 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.