JPMorgan Chase & Co. Lowers Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price objective reduced by JPMorgan Chase & Co. from $52.00 to $50.00 in a research note released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also issued reports on the company. BMO Capital Markets boosted their target price on Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday. Morgan Stanley boosted their target price on Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday. Loop Capital boosted their target price on Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Robert W. Baird lifted their price target on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush reduced their price target on Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Trading Up 0.9 %

Shares of Maplebear stock opened at $41.09 on Wednesday. The firm has a market capitalization of $10.56 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The business’s fifty day simple moving average is $46.43 and its 200 day simple moving average is $42.72. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.16. The firm 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%. Analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In related news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated Wednesday, December 18th. The stock was 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 directly owns 1,771,993 shares in the company, valued at $75,734,980.82. This represents a 1.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the sale, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at $3,697,152.90. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,061 shares of company stock worth $1,987,318. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently bought and sold shares of the stock. Portman Ltd purchased a new stake in Maplebear during the 3rd quarter valued at about $3,196,000. State Street Corp boosted its holdings in Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after acquiring an additional 831,795 shares during the period. Cerity Partners LLC purchased a new stake in Maplebear during the 3rd quarter valued at about $1,442,000. Charles Schwab Investment Management Inc. boosted its holdings in Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares during the period. Finally, Zacks Investment Management purchased a new stake in Maplebear in the 3rd quarter worth approximately $4,853,000. 63.09% of the stock is currently owned by hedge funds and other 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.