Maplebear (NASDAQ:CART) Price Target Raised to $48.00 at BMO Capital Markets

Maplebear (NASDAQ:CART) had its price objective hoisted by investment analysts at BMO Capital Markets from $39.00 to $48.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price would suggest a potential downside of 0.70% from the stock’s previous close.

Several other analysts also recently weighed in on CART. Robert W. Baird lifted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup lifted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wedbush raised their target price on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. Finally, Bank of America raised their target price on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.95.

Maplebear Stock Performance

Maplebear stock opened at $48.34 on Wednesday. The firm’s 50-day moving average is $41.66 and its 200-day moving average is $36.46. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The company has a market cap of $12.61 billion, a P/E ratio of -2.44, a PEG ratio of 1.48 and a beta of 1.12.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc increased its stake in shares of Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after buying an additional 286 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Maplebear by 5.1% during the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after buying an additional 584 shares during the last quarter. Creative Planning boosted its holdings in Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after buying an additional 831 shares during the last quarter. Huntington National Bank bought a new position in Maplebear during the third quarter worth about $54,000. Finally, nVerses Capital LLC raised its position in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.