Stifel Nicolaus Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its price target increased by Stifel Nicolaus from $52.00 to $55.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

CART has been the subject of several other research reports. Piper Sandler upped their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Raymond James started coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Bank of America boosted their price target on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. KeyCorp initiated coverage on Maplebear in a research report on Thursday, July 11th. They set a “sector weight” rating on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.57.

Maplebear Stock Down 0.0 %

Shares of NASDAQ CART opened at $44.64 on Monday. Maplebear has a twelve month low of $22.13 and a twelve month high of $45.20. The firm has a market cap of $11.82 billion and a PE ratio of -2.26. The business has a fifty day simple moving average of $39.66 and a two-hundred day simple moving average of $35.76.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, research analysts expect that Maplebear will post 1.14 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $109,960.23. Following the transaction, the chief accounting officer now owns 96,666 shares in the company, valued at approximately $4,153,738.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Maplebear news, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $109,960.23. Following the sale, the chief accounting officer now directly owns 96,666 shares of the company’s stock, valued at approximately $4,153,738.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the transaction, the general counsel now directly owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,707 shares of company stock valued at $2,652,050 over the last quarter. 36.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Maplebear during the 2nd quarter worth about $8,293,000. Investment House LLC purchased a new stake in shares of Maplebear during the 2nd quarter worth about $750,000. GSA Capital Partners LLP acquired a new stake in shares of Maplebear during the 1st quarter valued at about $1,673,000. Finally, Diversified Trust Co increased its stake in shares of Maplebear by 141.8% in the 3rd quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock valued at $1,001,000 after purchasing an additional 14,404 shares in the last quarter. Hedge funds and other institutional investors 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.