Benchmark Cuts Maplebear (NASDAQ:CART) Price Target to $53.00

Maplebear (NASDAQ:CART) had its price target decreased by Benchmark from $60.00 to $53.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target would suggest a potential upside of 51.21% from the company’s current price.

Several other research analysts have also weighed in on the company. Citigroup reduced their target price on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Fox Advisors downgraded Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Cantor Fitzgerald upped their price target on Maplebear from $45.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Finally, Guggenheim began coverage on shares of Maplebear in a research report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective on the stock. Fifteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Maplebear has an average rating of “Hold” and an average price target of $51.35.

Maplebear Price Performance

Shares of CART stock traded down $0.10 during trading hours on Tuesday, reaching $35.05. 519,776 shares of the company were exchanged, compared to its average volume of 5,174,725. Maplebear has a fifty-two week low of $34.15 and a fifty-two week high of $53.50. The stock’s fifty day moving average is $41.87 and its two-hundred day moving average is $42.14. The company has a market cap of $9.20 billion, a price-to-earnings ratio of 19.25, a P/E/G ratio of 0.89 and a beta of 1.00.

Maplebear (NASDAQ:CART) last released its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The company had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts anticipate that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of Maplebear stock in a transaction on Monday, December 22nd. The stock was 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 owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after buying an additional 44,642 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after purchasing an additional 698 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Maplebear by 358.5% in the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Maplebear by 17.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after purchasing an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Maplebear during the 1st quarter worth $268,000. 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.