Maplebear (NASDAQ:CART) Price Target Lowered to $55.00 at BTIG Research

Maplebear (NASDAQ:CART) had its price target cut by BTIG Research from $58.00 to $55.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on CART. Bank of America boosted their price target on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a research report on Friday, August 8th. Morgan Stanley upped their target price on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. Needham & Company LLC upped their target price on Maplebear from $56.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Citigroup upped their price target on shares of Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Finally, Robert W. Baird dropped their price target on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $55.58.

Maplebear Stock Performance

NASDAQ CART opened at $45.75 on Tuesday. The stock has a market capitalization of $12.05 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.55 and a beta of 1.21. The stock’s 50 day moving average price is $46.71 and its two-hundred day moving average price is $44.10. Maplebear has a 52 week low of $35.14 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. On average, equities research analysts forecast that Maplebear will post 1.43 EPS for the current year.

Insider Activity

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel owned 452,000 shares in the company, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares in the company, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,971,102 shares of company stock valued at $237,536,372. 26.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its stake in shares of Maplebear by 485.0% during the second quarter. Osaic Holdings Inc. now owns 96,871 shares of the company’s stock worth $4,382,000 after buying an additional 80,312 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Maplebear by 1.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 44,641 shares of the company’s stock worth $2,020,000 after acquiring an additional 730 shares during the last quarter. Stance Capital LLC bought a new stake in Maplebear during the 2nd quarter worth $1,342,000. State of Wyoming grew its holdings in shares of Maplebear by 5.5% during the second quarter. State of Wyoming now owns 10,059 shares of the company’s stock worth $455,000 after purchasing an additional 525 shares during the last quarter. Finally, Capital Impact Advisors LLC bought a new stake in shares of Maplebear during the second quarter worth about $7,020,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.