Maplebear (NASDAQ:CART - Free Report) had its price objective raised by Citigroup from $57.00 to $65.00 in a report published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.
Several other research analysts have also recently weighed in on CART. Benchmark upgraded Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target for the company in a research report on Friday. Barclays lifted their price target on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday. Jefferies Financial Group lifted their price target on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Needham & Company LLC lifted their price target on Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday. Finally, Macquarie reiterated an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research report on Tuesday, May 6th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.33.
Check Out Our Latest Report on Maplebear
Maplebear Price Performance
NASDAQ CART traded down $0.93 during trading on Friday, hitting $50.84. The company's stock had a trading volume of 1,676,043 shares, compared to its average volume of 4,237,067. The company has a market cap of $13.35 billion, a PE ratio of 29.36, a P/E/G ratio of 1.95 and a beta of 1.21. The business's 50 day simple moving average is $46.81 and its 200-day simple moving average is $44.72. Maplebear has a fifty-two week low of $31.51 and a fifty-two week high of $53.50.
Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. The business had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $0.20 earnings per share. Analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.
Insider Activity at Maplebear
In other Maplebear news, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the transaction, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,975,327 shares of company stock valued at $237,736,848 in the last three months. Company insiders own 26.00% of the company's stock.
Hedge Funds Weigh In On Maplebear
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Vanguard Group Inc. raised its position in Maplebear by 3.4% in the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after purchasing an additional 546,472 shares during the period. Victory Capital Management Inc. raised its position in Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Maplebear by 10.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock valued at $208,505,000 after purchasing an additional 482,327 shares during the period. Boston Partners raised its position in Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company's stock valued at $179,261,000 after purchasing an additional 1,911,771 shares during the period. Finally, Altimeter Capital Management LP raised its holdings in shares of Maplebear by 31.9% in the 1st quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock valued at $133,557,000 after buying an additional 810,510 shares during the period. Institutional investors and hedge funds own 63.09% of the company's stock.
About Maplebear
(
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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.
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