Argus Boosts Maplebear (NASDAQ:CART) Price Target to $58.00

Key Points

• Argus raised Maplebear’s price target to $58 from $50 and maintained a “buy” rating, implying 15.88% upside from the prior close.
• Analyst sentiment is broadly positive: Maplebear has a “Moderate Buy” consensus rating from 24 analysts and an average price target of $56.14, with several brokerages recently lifting their targets.
• The company reported quarterly revenue of $1.04 billion, up 14.1% year over year and slightly above estimates, but earnings per share of $0.45 missed consensus expectations of $0.54.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective raised by analysts at Argus from $50.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Argus' price objective points to a potential upside of 15.88% from the company's previous close.

A number of other brokerages have also recently commented on CART. Oppenheimer upped their target price on shares of Maplebear from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Needham & Company LLC raised their price target on Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Barclays boosted their price target on Maplebear from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Citigroup increased their price objective on Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Finally, Guggenheim lifted their target price on Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average target price of $56.14.

Maplebear Price Performance

Shares of Maplebear stock opened at $50.05 on Wednesday. The firm's fifty day simple moving average is $47.55 and its 200-day simple moving average is $42.48. Maplebear has a 12 month low of $32.73 and a 12 month high of $52.05. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 0.98 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. Analysts anticipate that Maplebear will post 2.33 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Morgan Fong sold 18,390 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the completion of the sale, the insider owned 529,911 shares of the company's stock, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 24.00% of the company's stock.

Institutional Trading of Maplebear

Several hedge funds have recently modified their holdings of the business. PenderFund Capital Management Ltd. acquired a new position in Maplebear during the fourth quarter worth $27,000. Pinnacle Bancorp Inc. purchased a new stake in shares of Maplebear during the 1st quarter worth $25,000. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after purchasing an additional 244 shares during the period. IFP Advisors Inc grew its stake in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. increased its holdings in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock valued at $43,000 after purchasing an additional 787 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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