Bank of America Boosts Maplebear (NASDAQ:CART) Price Target to $53.00

Maplebear (NASDAQ:CART) had its price objective hoisted by stock analysts at Bank of America from $51.00 to $53.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential upside of 23.83% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Needham & Company LLC upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Monday, January 13th. JMP Securities raised their price target on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 13th. BTIG Research upgraded shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Tuesday, January 14th. Mizuho began coverage on Maplebear in a research note on Tuesday, January 14th. They issued an “outperform” rating and a $55.00 target price for the company. Finally, BMO Capital Markets upped their price objective on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $49.80.

Maplebear Stock Down 12.3 %

NASDAQ CART opened at $42.80 on Tuesday. Maplebear has a 12-month low of $29.84 and a 12-month high of $53.44. The company’s 50 day moving average is $46.48 and its 200-day moving average is $42.68. The firm has a market cap of $11.00 billion, a P/E ratio of 28.72, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Equities analysts expect that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the completion of the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,311 shares of company stock worth $1,088,636 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

Several institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp increased its holdings in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear during the third quarter worth approximately $33,000. Allworth Financial LP increased its stake in Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares during the last quarter. NewEdge Advisors LLC raised its stake in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after acquiring an additional 717 shares in the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in Maplebear in the fourth quarter valued at $46,000. Institutional investors and hedge funds 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.