Maplebear's (CART) Neutral Rating Reaffirmed at BTIG Research

Key Points

• Maplebear's stock rating was reaffirmed as "neutral" by BTIG Research, with a target price of $55.00, indicating a potential upside of 45.04% from its previous close.
• In recent analyses, varying target prices were set by other firms, with Stifel Nicolaus lowering its price to $56.00 while JMP Securities raised its target to $60.00.
• The company reported a quarterly earnings per share of $0.41, surpassing estimates, and an 11.1% year-over-year revenue increase of $914.00 million.

Maplebear (NASDAQ:CART - Get Free Report)'s stock had its "neutral" rating reiterated by equities researchers at BTIG Research in a report released on Tuesday,Benzinga reports. They presently have a $55.00 target price on the stock. BTIG Research's target price points to a potential upside of 45.04% from the company's previous close.

Several other research firms also recently commented on CART. Stifel Nicolaus dropped their target price on Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. JMP Securities raised their target price on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Bank of America raised their price objective on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Morgan Stanley raised their target price on Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.25.

Maplebear Stock Performance

CART opened at $37.92 on Tuesday. The firm has a market cap of $9.99 billion, a P/E ratio of 21.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Maplebear has a 52-week low of $35.14 and a 52-week high of $53.50. The business's fifty day moving average is $45.63 and its 200-day moving average is $44.39.

Maplebear (NASDAQ:CART - Get Free Report) last announced 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. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. During the same period in the prior year, the company earned $0.20 EPS. Maplebear's revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, Director Fidji Simo sold 7,140 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director directly owned 573,807 shares in the company, valued at $27,141,071.10. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,986,367 shares of company stock valued at $238,211,261. 26.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Viking Global Investors LP bought a new stake in Maplebear during the second quarter worth about $169,782,000. William Blair Investment Management LLC purchased a new stake in Maplebear during the 2nd quarter valued at about $151,364,000. Victory Capital Management Inc. lifted its stake in Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after acquiring an additional 2,841,559 shares during the period. Norges Bank purchased a new stake in Maplebear in the second quarter worth $97,351,000. Finally, Boston Partners raised its position in shares of Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company's stock worth $179,261,000 after acquiring an additional 1,911,771 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.