Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Bank of America Analyst Says

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 - Free Report) had its target price increased by Bank of America from $53.00 to $58.00 in a report released on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts have also recently issued reports about the company. Sanford C. Bernstein lifted their price target on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Robert W. Baird lifted their price target on Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. 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. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Loop Capital lifted their price target on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and an average price target of $55.33.

Maplebear Stock Down 1.4%

Shares of NASDAQ:CART traded down $0.70 during trading on Friday, hitting $51.07. The stock had a trading volume of 2,581,659 shares, compared to its average volume of 4,243,086. Maplebear has a 12-month low of $31.51 and a 12-month high of $53.50. The stock has a market capitalization of $13.41 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 1.95 and a beta of 1.21. The stock has a 50-day simple moving average of $46.81 and a two-hundred day simple moving average of $44.72.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data 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. Maplebear had a return on equity of 15.69% and a net margin of 13.76%. The firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. During the same period last year, the business posted $0.20 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 6,640 shares of Maplebear stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total value of $332,000.00. Following the sale, the chief executive officer owned 1,958,805 shares in the company, valued at $97,940,250. The trade was a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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. Over the last three months, insiders have sold 4,975,327 shares of company stock valued at $237,736,848. 26.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CART. Securian Asset Management Inc. boosted its position in shares of Maplebear by 2.1% during the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company's stock worth $566,000 after acquiring an additional 252 shares in the last quarter. CWM LLC boosted 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 purchasing an additional 275 shares during the period. Signaturefd LLC boosted its position in shares of Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after purchasing an additional 285 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Maplebear by 0.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 75,161 shares of the company's stock valued at $3,546,000 after purchasing an additional 315 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Maplebear by 1.3% in the 2nd quarter. Parallel Advisors LLC now owns 25,845 shares of the company's stock valued at $1,169,000 after purchasing an additional 321 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

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.