Piper Sandler Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its price target upped by equities research analysts at Piper Sandler from $50.00 to $58.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 35.10% from the company’s current price.

Other research analysts have also recently issued reports about the company. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. BMO Capital Markets boosted their target price on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday. JMP Securities boosted their target price on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday. Oppenheimer boosted their price target on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Citigroup boosted their price target on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Stock Down 0.2 %

Shares of Maplebear stock opened at $42.93 on Wednesday. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The business has a fifty day simple moving average of $41.85 and a 200 day simple moving average of $36.51. The stock has a market cap of $11.20 billion, a PE ratio of 28.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the previous year, the firm earned ($20.86) earnings per share. The company’s revenue was up 11.5% on a year-over-year basis. Analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the sale, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock worth $4,978,164 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently bought and sold shares of CART. CIBC Asset Management Inc grew its position in shares of Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after purchasing an additional 584 shares during the last quarter. Creative Planning grew its position in shares of Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after purchasing an additional 831 shares during the last quarter. Huntington National Bank acquired a new position in shares of Maplebear in the third quarter valued at approximately $54,000. Finally, nVerses Capital LLC grew its position in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

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.