Maplebear (NASDAQ:CART) PT Lowered to $41.00

by · The Markets Daily

Maplebear (NASDAQ:CART – Get Free Report) had its price target decreased by investment analysts at Morgan Stanley from $45.00 to $41.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 1.23% from the company’s current price.

A number of other brokerages also recently commented on CART. Wolfe Research assumed coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Macquarie boosted their price target on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Citigroup upped their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Check Out Our Latest Stock Report on CART

Maplebear Stock Up 1.0 %

NASDAQ:CART opened at $40.50 on Tuesday. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.58. The company has a 50-day moving average of $34.93 and a 200-day moving average of $34.80.

Maplebear (NASDAQ:CART – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Equities research analysts predict that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,626 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the sale, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,655 shares of company stock valued at $2,504,824. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently added to or reduced their stakes in the business. Sculptor Capital LP bought a new position in shares of Maplebear during the second quarter valued at $77,361,000. Federated Hermes Inc. lifted its holdings in Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the period. Industry Ventures L.L.C. grew its position in shares of Maplebear by 3.3% in the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after buying an additional 31,175 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Maplebear in the first quarter valued at about $31,109,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of Maplebear during the first quarter worth about $28,674,000. 63.09% of the stock is owned by institutional investors.

Maplebear Company Profile

(Get Free Report)

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.

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