Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Loop Capital Analyst Says

Maplebear (NASDAQ:CART) had its target price lifted by analysts at Loop Capital from $49.00 to $56.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s price objective would suggest a potential upside of 32.17% from the company’s current price.

A number of other research analysts have also recently commented on CART. JPMorgan Chase & Co. raised their price target on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Jefferies Financial Group started coverage on Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. Finally, JMP Securities boosted their target price on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.14.

Maplebear Trading Down 0.2 %

CART opened at $42.37 on Monday. The stock’s 50 day simple moving average is $43.64 and its 200-day simple moving average is $37.60. The stock has a market cap of $10.88 billion, a PE ratio of 28.55, a P/E/G ratio of 1.15 and a beta of 0.94. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($20.86) EPS. Equities analysts forecast that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the completion of the sale, the chief executive officer now directly owns 1,804,243 shares of the company’s stock, valued at $77,528,321.71. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,954 shares of company stock valued at $4,890,405 over the last three months. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Pacer Advisors Inc. bought a new position in shares of Maplebear during the 3rd quarter valued at about $158,701,000. Geode Capital Management LLC raised its holdings in Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the period. Maverick Capital Ltd. raised its holdings in Maplebear by 19.7% during the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after buying an additional 441,156 shares during the period. State Street Corp lifted its stake in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after buying an additional 831,795 shares in the last quarter. Finally, Southpoint Capital Advisors LP boosted its holdings in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares during the period. 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.