BMO Capital Markets Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target increased by BMO Capital Markets from $39.00 to $48.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other equities analysts have also weighed in on CART. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Stifel Nicolaus raised their price objective on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Robert W. Baird lifted their price objective on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wedbush increased their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.95.

Maplebear Stock Performance

Maplebear stock traded down $1.54 during trading on Wednesday, hitting $41.48. The company’s stock had a trading volume of 722,635 shares, compared to its average volume of 3,953,060. The stock’s fifty day moving average is $41.85 and its 200 day moving average is $36.51. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 28.87, 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, beating 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 quarter in the prior year, the company posted ($20.86) EPS. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, research analysts anticipate that Maplebear will post 1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value 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 approximately $4,106,922.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock worth $4,978,164 in the last quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. acquired a new position in Maplebear during the 3rd quarter worth $158,701,000. Sculptor Capital LP bought a new position in shares of Maplebear during the second quarter worth about $77,361,000. Charles Schwab Investment Management Inc. grew its stake in Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Federated Hermes Inc. increased its holdings in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after buying an additional 876,439 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Maplebear during the first quarter valued at approximately $28,674,000. 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.