Bank of America Boosts Maplebear (NASDAQ:CART) Price Target to $45.00

Maplebear (NASDAQ:CART) had its target price boosted by investment analysts at Bank of America from $41.00 to $45.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 13.38% from the company’s current price.

A number of other research analysts have also recently issued reports on the company. Raymond James assumed coverage on Maplebear in a research note on Tuesday. They set a “market perform” rating on the stock. Piper Sandler raised their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. BMO Capital Markets raised their target price on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday. Finally, KeyCorp initiated coverage on Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.33.

Maplebear Stock Down 1.3 %

Shares of NASDAQ:CART traded down $0.53 on Tuesday, reaching $39.69. 1,709,256 shares of the company traded hands, compared to its average volume of 4,110,523. The business’s 50-day simple moving average is $34.86 and its 200 day simple moving average is $34.76. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, equities analysts anticipate that Maplebear will post 1.12 earnings per share for the current year.

Insider Activity

In other 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 completion of the sale, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear 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 transaction, the chief accounting officer now owns 107,910 shares in the company, valued at approximately $3,779,008.20. The disclosure for this sale can be found here. Insiders sold a total of 73,669 shares of company stock valued at $2,682,769 in the last 90 days. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its stake in shares of 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. nVerses Capital LLC lifted its stake in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares in the last quarter. Cantor Fitzgerald L. P. lifted its stake 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 buying an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda purchased a new position in shares of Maplebear during the 4th quarter valued at $69,000. Finally, Quarry LP lifted its stake in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 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, 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.