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

Maplebear (NASDAQ:CART) had its price objective lifted by Morgan Stanley from $41.00 to $44.00 in a research report sent to investors on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Barclays upped their target price on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler raised their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Wells Fargo & Company initiated coverage on Maplebear in a research report on Friday. They issued an “equal weight” rating and a $47.00 price target for the company. Finally, Oppenheimer lifted their price objective on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.63.

Maplebear Stock Up 0.6 %

CART opened at $44.51 on Monday. The company has a market cap of $11.43 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. Maplebear has a twelve month low of $22.70 and a twelve month high of $50.01. The company has a 50-day moving average price of $43.59 and a 200 day moving average price of $39.47.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the firm earned ($20.86) earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 1.4 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the sale, the chief accounting officer now directly owns 89,982 shares in the company, valued at approximately $3,694,660.92. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock valued at $4,980,404 in the last three months. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear in the 3rd quarter valued at about $33,000. Huntington National Bank acquired a new stake in Maplebear during the third quarter worth approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP boosted its holdings in shares of Maplebear by 269.5% in 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 purchased a new position in shares of Maplebear in the 3rd quarter valued at $212,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.