Maplebear (NASDAQ:CART) Given New $58.00 Price Target at Bank of America

Key Points

• Bank of America has raised Maplebear's price target from $53.00 to $58.00, indicating a potential upside of 17.43% from the stock's previous close.
• Ten analysts have rated the stock a "hold," while sixteen have issued "buy" ratings, leading to a consensus rating of "Moderate Buy" with a price target of $53.58.
• Maplebear reported earnings of $0.41 per share for the last quarter, exceeding estimates, with a revenue of $914 million, which was also above analyst expectations.

Maplebear (NASDAQ:CART - Get Free Report) had its target price upped by analysts at Bank of America from $53.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Bank of America's target price points to a potential upside of 17.43% from the stock's previous close.

Several other research firms have also recently weighed in on CART. Needham & Company LLC reaffirmed a "buy" rating and set a $56.00 price objective on shares of Maplebear in a research report on Friday, May 2nd. Robert W. Baird upped their price objective on Maplebear from $47.00 to $52.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Benchmark raised Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price objective on the stock in a research note on Friday. Sanford C. Bernstein boosted their target price on Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Finally, Macquarie restated an "outperform" rating and issued a $55.00 price target on shares of Maplebear in a research note on Tuesday, May 6th. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $53.58.

Maplebear Price Performance

NASDAQ:CART opened at $49.39 on Friday. The business's 50-day simple moving average is $46.59 and its 200-day simple moving average is $44.66. Maplebear has a fifty-two week low of $31.15 and a fifty-two week high of $53.44. The stock has a market capitalization of $12.97 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.85 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 earnings per share. On average, research analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In other Maplebear news, insider Daniel Danker sold 10,037 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider directly owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,975,327 shares of company stock worth $237,736,848. 26.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Maplebear by 261.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company's stock valued at $4,518,000 after acquiring an additional 72,265 shares during the period. Boston Partners grew its position in shares of 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 in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Maplebear by 307.0% in the second quarter. Illinois Municipal Retirement Fund now owns 65,348 shares of the company's stock valued at $2,956,000 after purchasing an additional 49,293 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Maplebear by 5.7% during the 2nd quarter. ProShare Advisors LLC now owns 7,284 shares of the company's stock valued at $330,000 after purchasing an additional 390 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Maplebear during the 2nd quarter worth about $229,000. 63.09% of the stock is currently owned by hedge funds and other 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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