BMO Capital Markets Raises Maplebear (NASDAQ:CART) Price Target to $36.00

Maplebear (NASDAQ:CART) had its price target increased by equities researchers at BMO Capital Markets from $26.00 to $36.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price target would indicate a potential downside of 3.04% from the stock’s previous close.

A number of other research analysts have also recently issued reports on CART. Barclays increased their target price on shares of Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Loop Capital initiated coverage on shares of Maplebear in a research note on Friday, April 19th. They set a “buy” rating and a $46.00 price objective for the company. Wolfe Research raised their price objective on shares of Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Piper Sandler reissued an “overweight” rating and set a $47.00 price objective (up from $45.00) on shares of Maplebear in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $39.89.

Maplebear Price Performance

NASDAQ:CART traded down $0.35 during mid-day trading on Thursday, reaching $37.13. The stock had a trading volume of 3,852,579 shares, compared to its average volume of 4,092,941. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95. The business has a 50 day simple moving average of $36.05 and a 200 day simple moving average of $29.09.

Maplebear (NASDAQ:CART) last issued its earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The firm’s revenue was up 8.0% compared to the same quarter last year. Research analysts predict that Maplebear will post 0.53 earnings per share for the current year.

Insider Activity

In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the acquisition, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Maplebear news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the purchase, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ravi Gupta acquired 545,229 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average cost of $28.83 per share, with a total value of $15,718,952.07. Following the completion of the acquisition, the director now owns 1,581,912 shares in the company, valued at approximately $45,606,522.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Maplebear in the 1st quarter valued at $6,462,000. Russell Investments Group Ltd. acquired a new position in shares of Maplebear in the 1st quarter valued at $1,663,000. Donoghue Forlines LLC acquired a new position in shares of Maplebear in the 1st quarter valued at $262,000. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear in the 1st quarter valued at $213,000. Finally, SG Americas Securities LLC acquired a new position in shares of Maplebear in the 1st quarter valued at $31,109,000. 63.09% of the stock is owned by institutional investors.

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.