Citigroup Lowers Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price objective cut by investment analysts at Citigroup from $65.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 26.87% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. JMP Securities raised their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, August 8th. Wedbush restated an “underperform” rating and set a $42.00 price target (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Bank of America upped their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. Piper Sandler downgraded shares of Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 target price on the stock. in a research report on Friday, October 3rd. Finally, Mizuho assumed coverage on Maplebear in a report on Tuesday, September 30th. They set a “neutral” rating and a $45.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.40.

Maplebear Trading Up 0.5%

CART opened at $39.41 on Tuesday. The stock has a fifty day moving average price of $40.31 and a 200 day moving average price of $43.91. Maplebear has a 1 year low of $34.78 and a 1 year high of $53.50. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.28 and a beta of 1.10.

Maplebear (NASDAQ:CART) last issued its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.01. The company had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. As a group, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Chris Rogers sold 9,259 shares of Maplebear stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at approximately $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Fidji Simo sold 7,140 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the transaction, the director directly owned 573,807 shares of the company’s stock, valued at $27,141,071.10. This represents a 1.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,556 shares of company stock valued at $1,179,482 in the last quarter. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Viking Global Investors LP bought a new stake in shares of Maplebear in the second quarter valued at approximately $169,782,000. William Blair Investment Management LLC bought a new position in shares of Maplebear during the 2nd quarter worth about $151,364,000. Victory Capital Management Inc. raised its position in shares of Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after buying an additional 2,841,559 shares during the last quarter. Norges Bank bought a new stake in shares of Maplebear in the second quarter valued at about $97,351,000. Finally, Boston Partners grew its position in Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after buying an additional 1,911,771 shares in the last quarter. 63.09% of the stock is 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.