Barclays Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its target price lifted by stock analysts at Barclays from $65.00 to $69.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 71.00% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Argus upgraded shares of Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Stifel Nicolaus dropped their price objective on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Jefferies Financial Group upgraded shares of Maplebear from a “hold” rating to a “buy” rating and upped their price objective for the company from $38.00 to $45.00 in a research note on Monday, March 30th. Wells Fargo & Company upped their price objective on shares of Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average target price of $51.39.

Maplebear Price Performance

NASDAQ CART opened at $40.35 on Thursday. The company’s 50 day simple moving average is $39.26 and its 200 day simple moving average is $39.90. Maplebear has a 12 month low of $32.73 and a 12 month high of $53.50. The company has a market capitalization of $9.55 billion, a P/E ratio of 22.54, a PEG ratio of 0.53 and a beta of 0.96.

Maplebear (NASDAQ:CART) last released its earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the business earned $0.37 earnings per share. On average, analysts anticipate that Maplebear will post 2.43 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the completion of the sale, the chief accounting officer directly owned 58,971 shares of the company’s stock, valued at $2,373,582.75. The trade was a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the sale, the general counsel directly owned 386,643 shares of the company’s stock, valued at $14,340,588.87. This represents a 24.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 144,863 shares of company stock valued at $5,418,135 over the last three months. Insiders own 24.00% of the company’s stock.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in CART. Pinnacle Bancorp Inc. bought a new stake in Maplebear in the first quarter worth approximately $25,000. PenderFund Capital Management Ltd. bought a new stake in Maplebear in the fourth quarter worth approximately $27,000. Hantz Financial Services Inc. grew its position in Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after acquiring an additional 389 shares in the last quarter. Allworth Financial LP grew its position in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after acquiring an additional 244 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in Maplebear in the third quarter worth approximately $43,000. 63.09% of the stock is owned by institutional investors.

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.