Robert W. Baird Raises Maplebear (NASDAQ:CART) Price Target to $51.00

Maplebear (NASDAQ:CART) had its target price boosted by stock analysts at Robert W. Baird from $44.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 18.80% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Morgan Stanley decreased their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Wedbush boosted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Piper Sandler boosted their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Bank of America raised their price target on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $42.93 on Wednesday. The stock’s 50-day moving average is $41.85 and its 200 day moving average is $36.51. The company has a market cap of $11.20 billion, a PE ratio of 28.56, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted ($20.86) EPS. Analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This represents a 2.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The trade was a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock valued at $4,978,164 in the last 90 days. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in CART. Huntington National Bank bought a new stake in Maplebear during the 3rd quarter valued at approximately $54,000. nVerses Capital LLC grew 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 valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Maplebear in the third quarter worth about $74,000. Quarry LP grew its holdings in 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. Finally, Vinva Investment Management Ltd bought a new position in shares of Maplebear during the 3rd quarter valued at approximately $212,000. Institutional investors 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.