Oppenheimer Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price objective boosted by Oppenheimer from $55.00 to $60.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on CART. Citigroup raised their price target on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus raised their target price on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Raymond James started coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday. Finally, Jefferies Financial Group started coverage on Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

NASDAQ CART opened at $42.00 on Wednesday. The firm has a market cap of $10.95 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.30 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a 50-day moving average of $42.17 and a 200-day moving average of $36.61.

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

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on 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 sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of CART. Geode Capital Management LLC boosted its holdings in shares of Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Maplebear during the third quarter valued at approximately $3,444,000. Pier Capital LLC boosted its holdings in Maplebear by 0.4% in the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after purchasing an additional 616 shares during the last quarter. XTX Topco Ltd bought a new stake in Maplebear in the 3rd quarter worth approximately $977,000. Finally, Zacks Investment Management purchased a new stake in Maplebear during the 3rd quarter valued at $4,853,000. 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.