Maplebear (NASDAQ:CART) Given New $55.00 Price Target at BTIG Research

Key Points

• Maplebear's target price has been lowered by BTIG Research from $58.00 to $55.00, indicating a potential upside of 18.59% from the current stock price, while maintaining a "buy" rating.
• In recent analyst reports, ratings for Maplebear varied, with JMP Securities upgrading their price target to $60.00, while others such as Wedbush lowered their rating to "underperform" with a price objective of $42.00.
• Maplebear reported earnings of $0.41 per share for the last quarter, surpassing expectations, with revenues of $914 million, reflecting an 11.1% year-over-year increase.

Maplebear (NASDAQ:CART - Get Free Report) had its target price lowered by analysts at BTIG Research from $58.00 to $55.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's target price would indicate a potential upside of 18.59% from the stock's current price.

Several other analysts have also commented on the stock. JMP Securities lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Wedbush reaffirmed an "underperform" rating and issued a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company lifted their price objective on shares of Maplebear from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Friday, September 5th. Finally, Morgan Stanley lifted their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $55.58.

Maplebear Price Performance

Shares of NASDAQ CART opened at $46.38 on Tuesday. The stock has a market capitalization of $12.22 billion, a P/E ratio of 26.81, a P/E/G ratio of 1.55 and a beta of 1.21. The company has a 50-day moving average price of $46.77 and a 200-day moving average price of $44.09. Maplebear has a 1 year low of $35.14 and a 1 year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business's revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. As a group, equities research analysts anticipate that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the sale, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 6,640 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total transaction of $332,000.00. Following the completion of the sale, the chief executive officer owned 1,958,805 shares of the company's stock, valued at approximately $97,940,250. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,971,102 shares of company stock valued at $237,536,372. Insiders own 26.00% of the company's stock.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the business. Proathlete Wealth Management LLC bought a new stake in shares of Maplebear in the 1st quarter worth approximately $26,000. UMB Bank n.a. raised its holdings in Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after buying an additional 905 shares during the last quarter. Brooklyn Investment Group bought a new stake in Maplebear during the 1st quarter valued at $40,000. Spire Wealth Management bought a new stake in Maplebear during the 1st quarter valued at $41,000. Finally, CWM LLC raised its holdings in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after buying an additional 275 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.

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