Maplebear (NASDAQ:CART) Price Target Raised to $58.00 at Loop Capital

Maplebear (NASDAQ:CART) had its price target raised by Loop Capital from $52.00 to $58.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on the company. FBN Securities initiated coverage on Maplebear in a research report on Friday, March 28th. They set a “sector perform” rating and a $44.00 price objective for the company. BMO Capital Markets increased their price target on Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 26th. Mizuho cut their price objective on shares of Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Macquarie reiterated an “outperform” rating and issued a $55.00 price target on shares of Maplebear in a report on Tuesday, May 6th. Finally, Seaport Res Ptn raised Maplebear to a “strong-buy” rating in a research report on Wednesday, February 12th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.30.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $45.94 on Monday. The company’s fifty day moving average is $41.31 and its two-hundred day moving average is $43.54. The firm has a market capitalization of $12.06 billion, a P/E ratio of 30.83, a PEG ratio of 1.19 and a beta of 1.19. Maplebear has a one year low of $29.84 and a one year high of $53.44.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to analysts’ expectations of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $0.43 EPS. On average, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 5,249 shares of Maplebear stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel now owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 2,033 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,165 shares of company stock worth $1,541,785 over the last ninety days. 26.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Proathlete Wealth Management LLC purchased a new position in shares of Maplebear during the first quarter valued at $26,000. Jones Financial Companies Lllp increased its stake in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after buying an additional 222 shares during the period. Allworth Financial LP lifted its position in Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares during the period. Finally, UMB Bank n.a. boosted its position in Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock valued at $40,000 after purchasing an additional 905 shares during the last quarter. 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.