Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has raised its price target for Maplebear (NASDAQ:CART) from $61.00 to $65.00, indicating a potential upside of 29.96% from the current price.
• Maplebear's recent earnings report showed an EPS of $0.41, which surpassed analysts' expectations, along with a year-over-year revenue increase of 11.1%.
• Despite multiple positive ratings, including a "Moderate Buy" consensus, ten analysts have a hold rating on the stock, while sixteen recommend buying.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective upped by equities researchers at Barclays from $61.00 to $65.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's target price would suggest a potential upside of 26.93% from the company's current price.

Other research analysts have also recently issued reports about the stock. Robert W. Baird increased their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Stifel Nicolaus increased their target price on shares of Maplebear from $54.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Bank of America increased their target price on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a report on Friday. JMP Securities restated a "market outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Thursday, June 12th. Finally, Jefferies Financial Group lifted their price objective on shares of Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.13.

Maplebear Stock Performance

Maplebear stock traded up $1.82 during midday trading on Friday, hitting $51.21. 13,083,511 shares of the company's stock were exchanged, compared to its average volume of 3,516,849. Maplebear has a 12 month low of $31.15 and a 12 month high of $53.50. The firm has a 50-day moving average of $46.70 and a two-hundred day moving average of $44.69. The company has a market cap of $13.44 billion, a PE ratio of 29.60, a P/E/G ratio of 1.98 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last issued its 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. Maplebear had a net margin of 13.76% and a return on equity of 16.02%. The company had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. During the same period in the prior year, the business earned $0.20 EPS. The firm's quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, CEO Fidji Simo sold 66,560 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the transaction, the chief executive officer directly owned 1,965,445 shares of the company's stock, valued at $98,291,904.45. This trade represents a 3.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock worth $237,736,848 over the last ninety days. 26.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently bought and sold shares of CART. Proathlete Wealth Management LLC purchased a new position in Maplebear during the 1st quarter worth approximately $26,000. NewEdge Advisors LLC raised its position in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after buying an additional 717 shares during the last quarter. UMB Bank n.a. raised its position in Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares during the last quarter. Brooklyn Investment Group purchased a new position in Maplebear during the 1st quarter worth approximately $40,000. Finally, Spire Wealth Management purchased a new position in Maplebear during the 1st quarter worth approximately $41,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.