Maplebear (NASDAQ:CART) Price Target Raised to $44.00 at Citigroup

Maplebear (NASDAQ:CART) had its price target hoisted by equities research analysts at Citigroup from $42.00 to $44.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 21.92% from the stock’s current price.

CART has been the subject of several other reports. Stifel Nicolaus increased their price objective on Maplebear from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Loop Capital began coverage on shares of Maplebear in a research report on Friday, April 19th. They issued a “buy” rating and a $46.00 price target for the company. JMP Securities boosted their price target on shares of Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Thursday. Finally, Fox Advisors cut shares of Maplebear from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.89.

Maplebear Stock Down 3.7 %

Shares of NASDAQ CART traded down $1.39 during mid-day trading on Thursday, hitting $36.09. 7,584,203 shares of the company’s stock traded hands, compared to its average volume of 4,136,903. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95. The company’s 50-day moving average is $36.17 and its two-hundred day moving average is $29.15.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, equities research analysts anticipate that Maplebear will post 0.53 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the transaction, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the transaction, the insider now owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Parallel Advisors LLC grew its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after buying an additional 620 shares in the last quarter. Signaturefd LLC purchased a new position in shares of Maplebear during the 3rd quarter valued at $30,000. Cantor Fitzgerald L. P. increased its position in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in Maplebear in the fourth quarter worth $69,000. Finally, Amalgamated Bank bought a new position in shares of Maplebear during the fourth quarter valued at approximately $94,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.