BMO Capital Markets Increases Maplebear (NASDAQ:CART) Price Target to $48.00

Maplebear (NASDAQ:CART) had its price target increased by investment analysts at BMO Capital Markets from $39.00 to $48.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 11.81% from the stock’s current price.

Several other equities research analysts also recently issued reports on CART. Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Bank of America raised their target price on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Jefferies Financial Group assumed coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Stifel Nicolaus raised their target price on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Oppenheimer raised their target price on shares of Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Price Performance

Maplebear stock opened at $42.93 on Wednesday. The firm has a 50-day moving average of $41.85 and a 200-day moving average of $36.51. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company has a market cap of $11.20 billion, a price-to-earnings ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. 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 prior year, the business posted ($20.86) EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Maplebear will post 1.17 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Simcoe Capital Management LLC increased its stake in Maplebear by 216.5% in the third quarter. Simcoe Capital Management LLC now owns 1,225,690 shares of the company’s stock valued at $49,935,000 after acquiring an additional 838,470 shares during the last quarter. Maverick Capital Ltd. increased its stake in Maplebear by 19.7% in the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after acquiring an additional 441,156 shares during the last quarter. Southpoint Capital Advisors LP increased its stake 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 during the last quarter. Verition Fund Management LLC increased its stake in Maplebear by 54.0% in the third quarter. Verition Fund Management LLC now owns 630,809 shares of the company’s stock valued at $25,699,000 after acquiring an additional 221,091 shares during the last quarter. Finally, Vinva Investment Management Ltd bought a new position in Maplebear in the third quarter valued at approximately $212,000. 63.09% of the stock is owned by institutional investors.

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.