JPMorgan Chase & Co. Issues Pessimistic Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $65.00 to $55.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 39.56% from the company’s current price.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Maplebear in a research report on Tuesday, October 14th. Sanford C. Bernstein lifted their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Barclays increased their price target on Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group cut their price target on Maplebear from $55.00 to $43.00 and set a “hold” rating for the company in a report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.40.

Maplebear Trading Up 0.5%

NASDAQ:CART opened at $39.41 on Tuesday. The stock has a market capitalization of $10.35 billion, a PE ratio of 21.65, a P/E/G ratio of 1.28 and a beta of 1.10. Maplebear has a 1-year low of $34.78 and a 1-year high of $53.50. The firm has a fifty day simple moving average of $40.31 and a 200 day simple moving average of $43.91.

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

Insider Activity at Maplebear

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $38.85, for a total value of $137,762.10. Following the transaction, the general counsel owned 427,523 shares in the company, valued at $16,609,268.55. The trade was a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 27,556 shares of company stock worth $1,179,482 in the last ninety days. 26.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. grew its position in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Maplebear in the first quarter valued at approximately $40,000. CWM LLC boosted its stake in shares of Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after buying an additional 275 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in Maplebear during the third quarter worth approximately $43,000. Finally, Elevation Point Wealth Partners LLC bought a new position in Maplebear during the 2nd quarter worth $53,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.