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

Maplebear (NASDAQ:CART) had its price target reduced by equities researchers at Oppenheimer from $65.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective suggests a potential upside of 37.01% from the company’s current price.

Several other research firms also recently commented on CART. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price objective on shares of Maplebear in a report on Wednesday. Loop Capital boosted their target price on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday. Wedbush cut their price target on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Macquarie upped their price objective on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $49.88.

Maplebear Stock Down 10.2 %

Shares of NASDAQ:CART traded down $4.99 during midday trading on Wednesday, hitting $43.79. The stock had a trading volume of 5,541,054 shares, compared to its average volume of 4,269,553. The company’s 50-day moving average price is $46.46 and its 200-day moving average price is $42.68. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a market capitalization of $11.25 billion, a P/E ratio of 29.22, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. The business had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Research analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the sale, the chief accounting officer now directly owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,311 shares of company stock valued at $1,088,636. 36.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp grew its holdings in Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Maplebear during the third quarter valued at $33,000. Allworth Financial LP raised its holdings in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares in the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in Maplebear during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.