Maplebear (NASDAQ:CART) Given New $58.00 Price Target at Argus

Maplebear (NASDAQ:CART) had its price objective lifted by equities research analysts at Argus from $50.00 to $58.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Argus’ target price would indicate a potential upside of 15.88% from the company’s previous close.

A number of other research analysts have also recently weighed in on CART. Citigroup raised their price target on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Cantor Fitzgerald increased their price objective on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Wedbush assumed coverage on shares of Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price for the company. Wells Fargo & Company lifted their target price on shares of Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $56.14.

Maplebear Price Performance

CART opened at $50.05 on Wednesday. Maplebear has a 1-year low of $32.73 and a 1-year high of $52.05. The stock has a market cap of $11.59 billion, a P/E ratio of 27.35, a P/E/G ratio of 0.98 and a beta of 0.78. The stock’s 50 day simple moving average is $47.55 and its 200 day simple moving average is $42.48.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. Research analysts expect that Maplebear will post 2.33 EPS for the current fiscal year.

Insider Transactions at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the sale, the director owned 591,523 shares in the company, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 24.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its stake in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after buying an additional 244 shares during the period. Smartleaf Asset Management LLC boosted its position in Maplebear by 9.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after buying an additional 261 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in shares of Maplebear by 2.5% in the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after acquiring an additional 273 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Maplebear by 5.0% in the third quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after buying an additional 304 shares during the last quarter. Finally, Aviva PLC grew its holdings in Maplebear by 3.9% during the 4th quarter. Aviva PLC now owns 11,279 shares of the company’s stock worth $507,000 after acquiring an additional 424 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.