Maplebear (NASDAQ:CART) Given New $56.00 Price Target at Stifel Nicolaus

Key Points

• Maplebear (NASDAQ:CART) has had its price target lowered by Stifel Nicolaus from $64.00 to $56.00, while maintaining a "buy" rating, indicating a potential upside of 32.63% from the current stock price.
• Several other analysts have recently raised their target prices on Maplebear, with a consensus rating of "Moderate Buy" and an average target price of $55.25 across multiple firms.
• The company reported a quarterly EPS of $0.41, exceeding analyst expectations of $0.39, with revenue for the quarter reaching $914 million, up 11.1% year-over-year.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective lowered by equities research analysts at Stifel Nicolaus from $64.00 to $56.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Stifel Nicolaus' target price would indicate a potential upside of 32.63% from the stock's current price.

Several other research firms have also recently issued reports on CART. JMP Securities increased their target price on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Wells Fargo & Company increased their target price on Maplebear from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Friday, September 5th. Jefferies Financial Group increased their target price on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Sanford C. Bernstein increased their target price on Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Finally, Wall Street Zen upgraded Maplebear from a "hold" rating to a "buy" rating in a report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average target price of $55.25.

Maplebear Stock Performance

Shares of CART stock traded down $0.22 during mid-day trading on Wednesday, reaching $42.22. The company's stock had a trading volume of 1,393,180 shares, compared to its average volume of 4,422,247. The company has a market cap of $11.12 billion, a P/E ratio of 24.40, a PEG ratio of 1.41 and a beta of 1.21. Maplebear has a 1-year low of $35.14 and a 1-year high of $53.50. The firm's 50-day moving average is $46.22 and its two-hundred day moving average is $44.26.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 4,680 shares of Maplebear 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 completion of the transaction, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,973,562 shares of company stock valued at $237,668,642. Corporate insiders own 26.00% of the company's stock.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently bought and sold shares of the business. Proathlete Wealth Management LLC acquired a new stake in Maplebear in the 1st quarter worth about $26,000. UMB Bank n.a. raised its position in shares of Maplebear by 914.1% in 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 in the last quarter. Brooklyn Investment Group acquired a new position in shares of Maplebear in the 1st quarter valued at approximately $40,000. Spire Wealth Management acquired a new position in shares of Maplebear in the 1st quarter valued at approximately $41,000. Finally, CWM LLC raised its position in shares of Maplebear by 35.1% in 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 in the last quarter. Institutional investors and hedge funds 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.

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