Maplebear (NASDAQ:CART) Given New $53.00 Price Target at Benchmark

Maplebear (NASDAQ:CART) had its price target reduced by equities researchers at Benchmark from $60.00 to $53.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 51.21% from the company’s previous close.

Several other analysts have also recently issued reports on CART. BNP Paribas Exane initiated coverage on shares of Maplebear in a report on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price target on the stock. JPMorgan Chase & Co. cut their target price on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Tuesday, November 11th. Jefferies Financial Group boosted their price objective on Maplebear from $41.00 to $48.00 and gave the company a “hold” rating in a report on Thursday, December 11th. Finally, Argus began coverage on Maplebear in a report on Wednesday, January 7th. They set a “buy” rating and a $52.00 target price on the stock. Fifteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Maplebear has an average rating of “Hold” and an average target price of $51.35.

Maplebear Price Performance

NASDAQ CART traded down $0.10 on Tuesday, reaching $35.05. The company had a trading volume of 519,776 shares, compared to its average volume of 5,174,725. Maplebear has a 1 year low of $34.15 and a 1 year high of $53.50. The firm has a 50-day moving average of $41.87 and a 200-day moving average of $42.14. The firm has a market capitalization of $9.20 billion, a PE ratio of 19.25, a P/E/G ratio of 0.89 and a beta of 1.00.

Maplebear (NASDAQ:CART) last announced its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The business had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. During the same period in the prior year, the firm earned $0.42 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the sale, the general counsel directly owned 404,940 shares in the company, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 26.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Hantz Financial Services Inc. grew its holdings in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares in the last quarter. Allworth Financial LP grew its position in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. Abich Financial Wealth Management LLC bought a new stake in shares of Maplebear in the third quarter valued at approximately $43,000. IFP Advisors Inc grew its position in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after buying an additional 787 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.