Maplebear (NASDAQ:CART) Given New $69.00 Price Target at Barclays

Maplebear (NASDAQ:CART) had its price objective raised by Barclays from $65.00 to $69.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on CART. Raymond James Financial upgraded Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. Argus raised shares of Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. BNP Paribas Exane assumed coverage on shares of Maplebear in a research note on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price target on the stock. Wells Fargo & Company raised their target price on Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.39.

Maplebear Price Performance

NASDAQ CART traded up $1.70 during mid-day trading on Thursday, reaching $39.69. The stock had a trading volume of 2,670,085 shares, compared to its average volume of 4,749,005. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50. The stock has a market cap of $9.40 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 0.62 and a beta of 0.96. The company has a fifty day moving average price of $39.26 and a 200 day moving average price of $39.90.

Maplebear (NASDAQ:CART) last posted its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities research analysts expect that Maplebear will post 2.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. The trade was a 13.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 144,863 shares of company stock worth $5,418,135. 24.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in Maplebear by 51.2% during the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after acquiring an additional 44,642 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after acquiring an additional 698 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after acquiring an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after acquiring an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Maplebear during the first quarter valued at about $268,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.