Benchmark Cuts Maplebear (NASDAQ:CART) Price Target to $60.00

Maplebear (NASDAQ:CART) had its price target reduced by Benchmark from $67.00 to $60.00 in a report published on Tuesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other research firms also recently issued reports on CART. Jefferies Financial Group dropped their target price on shares of Maplebear from $55.00 to $43.00 and set a “hold” rating for the company in a research report on Friday, October 17th. Fox Advisors raised shares of Maplebear from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Barclays raised their target price on shares of Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Wells Fargo & Company decreased their price target on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, October 3rd. Finally, Wedbush reissued an “underperform” rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.40.

Maplebear Trading Up 2.3%

Shares of CART opened at $40.33 on Tuesday. The firm has a market capitalization of $10.59 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.10. The stock’s fifty day simple moving average is $40.23 and its 200 day simple moving average is $43.88. Maplebear has a twelve month low of $34.78 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. The company had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 earnings per share. Sell-side analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $38.85, for a total value of $137,762.10. Following the transaction, the general counsel owned 427,523 shares in the company, valued at $16,609,268.55. The trade was a 0.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Fidji Simo sold 1,014 shares of the firm’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $40.00, for a total value of $40,560.00. Following the sale, the director owned 569,742 shares of the company’s stock, valued at $22,789,680. This represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,556 shares of company stock valued at $1,179,482 in the last quarter. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of the business. Hantz Financial Services Inc. increased its holdings in Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Maplebear during the first quarter worth approximately $40,000. CWM LLC increased its stake in shares of Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after buying an additional 275 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new stake in Maplebear in the third quarter valued at $43,000. Finally, Signaturefd LLC boosted its stake in Maplebear by 27.1% during the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock valued at $53,000 after acquiring an additional 285 shares during the last quarter. Institutional investors and hedge funds 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.