JPMorgan Chase & Co. Raises Maplebear (NASDAQ:CART) Price Target to $52.00

Maplebear (NASDAQ:CART) had its price target boosted by JPMorgan Chase & Co. from $47.00 to $52.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently weighed in on CART. Stifel Nicolaus upped their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Piper Sandler lifted their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Oppenheimer increased their price target on Maplebear from $48.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Bank of America boosted their price objective on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Performance

Shares of CART opened at $42.00 on Wednesday. The company has a market capitalization of $10.95 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. The business’s 50-day moving average is $42.17 and its two-hundred day moving average is $36.62. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period in the previous year, the company posted ($20.86) earnings per share. Maplebear’s revenue for the quarter was up 11.5% on a year-over-year basis. Analysts forecast that Maplebear will post 1.2 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,710 shares of company stock worth $4,978,164. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new stake in shares of Maplebear in the third quarter valued at $158,701,000. Sculptor Capital LP acquired a new stake in Maplebear in the 2nd quarter valued at about $77,361,000. Geode Capital Management LLC grew its position in shares of Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP raised its holdings in Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares in the last quarter. Hedge funds and other institutional investors 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.