Maplebear (NASDAQ:CART) Price Target Raised to $45.00

Maplebear (NASDAQ:CART) had its price target boosted by Wells Fargo & Company from $43.00 to $45.00 in a report released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

CART has been the topic of several other reports. Benchmark decreased their price target on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Cantor Fitzgerald upped their price objective on shares of Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Argus upgraded shares of Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Needham & Company LLC lifted their target price on Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Finally, Stifel Nicolaus lowered their price target on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.29.

Maplebear Trading Up 3.2%

Shares of CART stock opened at $38.64 on Monday. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50. The firm’s fifty day simple moving average is $36.94 and its 200 day simple moving average is $39.79. The firm has a market capitalization of $9.30 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 0.57 and a beta of 0.98.

Insiders Place Their Bets

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $38.74, for a total transaction of $363,768.60. Following the sale, the chief accounting officer directly owned 47,510 shares in the company, valued at approximately $1,840,537.40. The trade was a 16.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 126,083 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were 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 in the company, valued at approximately $14,340,588.87. The trade was a 24.59% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Maplebear by 35.7% during 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 in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock worth $134,000 after buying an additional 261 shares during the period. Rafferty Asset Management LLC lifted its position in shares of Maplebear by 2.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after buying an additional 273 shares during the period. Crossmark Global Holdings Inc. boosted its stake in Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock valued at $236,000 after buying an additional 304 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in Maplebear by 78.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after buying an additional 389 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.