Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Key Points

• Citizens JMP raised Maplebear’s price target from $60 to $65 while maintaining a “market outperform” rating, implying 18.58% potential upside. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $58.53.
• Maplebear shares fell 2.9% to $54.82 in Monday trading. The company’s latest quarterly revenue rose 14.1% year over year to $1.04 billion, though adjusted earnings of $0.45 per share missed the $0.54 consensus estimate.
• Insiders sold 285,263 shares worth approximately $14.6 million over the past 90 days, while institutional investors own 63.09% of the stock; BlackRock recently acquired a stake valued at about $750.5 million.

Maplebear (NASDAQ:CART - Get Free Report) had its price target upped by investment analysts at Citizens Jmp from $60.00 to $65.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "market outperform" rating on the stock. Citizens Jmp's price objective indicates a potential upside of 18.58% from the stock's current price.

A number of other equities research analysts also recently commented on CART. Barclays increased their price objective on Maplebear from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Argus lifted their target price on Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Wedbush started coverage on Maplebear in a research report on Thursday, July 16th. They set an "outperform" rating and a $59.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Benchmark upped their target price on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a report on Friday, August 7th. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $58.53.

Maplebear Trading Down 2.9%

Shares of NASDAQ CART traded down $1.62 during midday trading on Monday, reaching $54.82. The company's stock had a trading volume of 2,965,722 shares, compared to its average volume of 4,405,596. The company has a 50 day moving average price of $48.20 and a 200 day moving average price of $45.22. Maplebear has a one year low of $32.73 and a one year high of $57.98. The company has a market cap of $12.69 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 1.10 and a beta of 0.87.

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

Insider Transactions at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares of the company's stock, valued at $29,936,979.03. This represents a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Morgan Fong sold 18,390 shares of the firm's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total transaction of $937,890.00. Following the sale, the insider owned 529,911 shares of the company's stock, valued at approximately $27,025,461. This represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 285,263 shares of company stock worth $14,641,173. 24.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Maplebear during the second quarter valued at $750,477,000. Dimensional Fund Advisors LP increased its position in Maplebear by 31.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company's stock worth $186,618,000 after purchasing an additional 1,189,287 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Maplebear during the 2nd quarter worth about $86,462,000. Deutsche Bank AG purchased a new stake in shares of Maplebear during the 2nd quarter worth about $73,801,000. Finally, Goodnow Investment Group LLC purchased a new stake in shares of Maplebear during the 2nd quarter worth about $69,898,000. Institutional investors and hedge funds own 63.09% of the company's stock.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart's marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.

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