JPMorgan Chase & Co. Boosts Maplebear (NASDAQ:CART) Price Target to $45.00

Maplebear (NASDAQ:CART) had its price objective hoisted by JPMorgan Chase & Co. from $35.00 to $45.00 in a report issued on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Wolfe Research boosted their price objective on shares of Maplebear from $35.00 to $39.00 and gave the company an outperform rating in a research report on Tuesday, March 5th. Morgan Stanley assumed coverage on Maplebear in a research note on Tuesday, January 30th. They set an equal weight rating and a $28.00 target price on the stock. Sanford C. Bernstein upgraded Maplebear from a market perform rating to an outperform rating and boosted their price objective for the company from $30.00 to $43.00 in a report on Thursday, March 14th. BMO Capital Markets initiated coverage on shares of Maplebear in a research note on Tuesday, January 9th. They set a market perform rating and a $26.00 target price for the company. Finally, Piper Sandler lifted their price objective on shares of Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a report on Friday, March 15th. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $36.61.

Maplebear Stock Up 0.5 %

CART stock opened at $37.29 on Monday. The business has a 50 day simple moving average of $30.32. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The company’s quarterly revenue was up 6.1% on a year-over-year basis. On average, sell-side analysts expect that Maplebear will post 0.53 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the sale, the director now owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $38.06, for a total transaction of $789,745.00. Following the completion of the transaction, the chief executive officer now directly owns 888,365 shares of the company’s stock, valued at approximately $33,811,171.90. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 2,157,745 shares of company stock worth $61,771,955 and have sold 998,592 shares worth $28,401,288. Company insiders own 4.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. FMR LLC acquired a new position in shares of Maplebear during the third quarter valued at approximately $56,424,000. Blackstone Inc. purchased a new position in Maplebear in the 3rd quarter valued at $17,369,000. KPCB DGF II Associates LLC acquired a new stake in Maplebear during the 3rd quarter worth $119,544,000. Monashee Investment Management LLC purchased a new stake in shares of Maplebear during the third quarter worth $6,069,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Maplebear in the third quarter valued at about $904,000. 63.09% of the stock is owned by hedge funds and other 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.