Maplebear (NASDAQ:CART) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Maplebear (NASDAQ:CART) had its price target increased by JPMorgan Chase & Co. from $47.00 to $52.00 in a research report report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird lifted their target price on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday. BMO Capital Markets raised their price target on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday. Macquarie upped their price objective on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Stock Down 3.6 %

NASDAQ:CART traded down $1.54 on Wednesday, hitting $41.48. The stock had a trading volume of 722,635 shares, compared to its average volume of 3,953,060. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The business’s fifty day moving average is $41.85 and its 200 day moving average is $36.51. The company has a market cap of $10.82 billion, a PE ratio of 28.87, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted 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. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter last year, the firm posted ($20.86) EPS. Maplebear’s revenue was up 11.5% compared to the same quarter last year. Equities analysts predict that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction 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 completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 0.00 % 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 the SEC website. In related news, General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,710 shares of company stock valued at $4,978,164. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CART. Vinva Investment Management Ltd bought a new position in shares of Maplebear in the 3rd quarter worth $212,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Maplebear by 95.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,258 shares of the company’s stock valued at $1,233,000 after purchasing an additional 14,750 shares in the last quarter. FORA Capital LLC bought a new stake in Maplebear during the third quarter worth about $5,231,000. Beaconlight Capital LLC boosted its holdings in shares of Maplebear by 54.7% in the 3rd quarter. Beaconlight Capital LLC now owns 213,797 shares of the company’s stock worth $8,710,000 after purchasing an additional 75,598 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of Maplebear during the 3rd quarter valued at about $788,000. 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.