Maplebear (NASDAQ:CART) Price Target Cut to $50.00 by Analysts at Citigroup

Maplebear (NASDAQ:CART) had its price objective lowered by Citigroup from $65.00 to $50.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

CART has been the topic of several other research reports. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Maplebear in a report on Tuesday, October 14th. Wedbush reiterated an “underperform” rating and issued a $42.00 price target (down previously from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Benchmark cut their price objective on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, BTIG Research reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.40.

Maplebear Stock Up 5.0%

NASDAQ CART opened at $39.20 on Tuesday. Maplebear has a twelve month low of $34.78 and a twelve month high of $53.50. The business has a 50-day moving average price of $40.41 and a 200-day moving average price of $43.94. The firm has a market cap of $10.33 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10.

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

Insider Activity at Maplebear

In other news, CEO Chris Rogers sold 9,259 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the sale, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This trade represents a 1.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Fidji Simo sold 7,140 shares of Maplebear stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the transaction, the director owned 573,807 shares of the company’s stock, valued at approximately $27,141,071.10. This trade represents a 1.23% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 27,556 shares of company stock valued at $1,179,482. Insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

Institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. increased its position in Maplebear by 78.6% during the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Maplebear in the 1st quarter worth about $40,000. CWM LLC boosted its stake in shares of Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares during the period. Abich Financial Wealth Management LLC bought a new position in Maplebear during the 3rd quarter valued at about $43,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Maplebear in the 2nd quarter worth about $53,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.