Maplebear (NASDAQ:CART) Price Target Lowered to $50.00 at Robert W. Baird

Key Points

• Maplebear's price target has been lowered from $60.00 to $50.00 by Robert W. Baird, while maintaining an "outperform" rating, indicating a potential upside of 36.02% from the previous close.
• Several other analysts have varied ratings for the stock, with targets ranging from $45.00 to $67.00, showcasing diverse perspectives on its performance.
• Maplebear's recent earnings report exceeded expectations, showing revenue growth of 11.1% year-over-year and earnings per share of $0.41.

Maplebear (NASDAQ:CART - Get Free Report) had its price target cut by stock analysts at Robert W. Baird from $60.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price objective points to a potential upside of 36.02% from the company's previous close.

Several other equities research analysts also recently issued reports on CART. JMP Securities raised their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Benchmark upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. Jefferies Financial Group upped their price objective on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Mizuho started coverage on shares of Maplebear in a research note on Tuesday. They issued a "neutral" rating and a $45.00 target price for the company. Finally, Citigroup boosted their price target on Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $54.54.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $36.76 on Wednesday. The stock's 50-day moving average is $45.37 and its 200-day moving average is $44.33. The company has a market cap of $9.68 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.27 and a beta of 1.22. Maplebear has a 52-week low of $34.87 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 EPS. As a group, equities analysts predict that Maplebear will post 1.43 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares of the company's stock, valued at $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,986,367 shares of company stock worth $238,211,261. Insiders own 26.00% of the company's stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in the company. Proathlete Wealth Management LLC acquired a new position in Maplebear in the first quarter valued at about $26,000. UMB Bank n.a. raised its stake in shares of Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after acquiring an additional 905 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Maplebear in the first quarter valued at approximately $40,000. Spire Wealth Management acquired a new position in shares of Maplebear in the 1st quarter worth approximately $41,000. Finally, CWM LLC grew its position in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after acquiring an additional 275 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

About Maplebear

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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