Morgan Stanley Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Key Points

• Morgan Stanley has raised its price target for Maplebear (NASDAQ:CART) from $45.00 to $48.00, indicating a potential upside of 9.39% from its previous close.
• Several other analysts have also updated their ratings, with Wells Fargo increasing their target to $55.00 and Benchmark setting a target of $67.00.
• The company's recent earnings report showed an EPS of $0.41, surpassing estimates, with revenue increasing by 11.1% year-over-year.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective hoisted by equities research analysts at Morgan Stanley from $45.00 to $48.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 9.39% from the stock's previous close.

CART has been the subject of several other reports. Wells Fargo & Company upped their price objective on Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a research report 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 note on Friday, August 8th. Loop Capital upped their price objective on shares of Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Bank of America increased their price objective on shares of Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. Finally, Sanford C. Bernstein raised their target price on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. 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. According to MarketBeat, Maplebear has an average rating of "Moderate Buy" and a consensus price target of $55.46.

Maplebear Trading Down 2.7%

Shares of NASDAQ:CART opened at $43.88 on Friday. The firm has a 50 day moving average of $46.84 and a 200-day moving average of $44.76. The stock has a market capitalization of $11.56 billion, a PE ratio of 25.36, a PEG ratio of 1.50 and a beta of 1.21. Maplebear has a 12 month low of $31.59 and a 12 month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. 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 previous year, the business earned $0.20 earnings per share. The company's revenue was up 11.1% on a year-over-year basis. On average, research analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, Director Levien Meredith A. Kopit sold 4,225 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the sale, the director owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock valued at $237,736,848 over the last three months. 26.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently added to or reduced their stakes in the business. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear during the 1st quarter worth approximately $26,000. NewEdge Advisors LLC increased its stake in Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after purchasing an additional 717 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Maplebear during the first quarter valued at about $40,000. UMB Bank n.a. raised its holdings in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after purchasing an additional 905 shares during the period. Finally, Spire Wealth Management bought a new position in shares of Maplebear during the 1st quarter worth about $41,000. 63.09% of the stock is currently owned by 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.

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