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

Maplebear (NASDAQ:CART) had its target price lifted by equities researchers at Guggenheim from $40.00 to $44.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Guggenheim’s price target would suggest a potential downside of 4.42% from the company’s previous close.

Several other research analysts have also weighed in on the company. Barclays increased their target price on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Wall Street Zen raised Maplebear from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Maplebear in a research note on Thursday, May 7th. Citizens Jmp restated a “market outperform” rating and issued a $60.00 price objective on shares of Maplebear in a report on Monday, June 15th. Finally, Weiss Ratings raised Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.67.

Maplebear Price Performance

CART stock traded up $0.41 on Wednesday, hitting $46.03. 191,543 shares of the company were exchanged, compared to its average volume of 4,537,500. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth ratio of 0.60 and a beta of 0.75. Maplebear has a twelve month low of $32.73 and a twelve month high of $53.50. The business’s fifty day moving average is $44.13 and its two-hundred day moving average is $40.62.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $0.37 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Equities research analysts expect that Maplebear will post 2.46 earnings per share for the current year.

Insider Activity

In related news, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pinnacle Bancorp Inc. purchased a new stake in shares of Maplebear during the first quarter valued at approximately $25,000. PenderFund Capital Management Ltd. acquired a new position in shares of Maplebear during the fourth quarter worth $27,000. Allworth Financial LP boosted its stake in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the period. IFP Advisors Inc boosted its stake in shares of Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. grew its holdings in Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.