Macquarie Raises Price Target for Maplebear to $55.00

Maplebear, traded as CART on NASDAQ, has recently seen its price target increased by analysts at Macquarie from $52.00 to $55.00, as reported in a research note published on Thursday. The updated price target suggests that there is a potential upside of 31.72% based on the stock's previous closing price. Furthermore, Macquarie has assigned an "outperform" rating to the stock, indicating a positive outlook for its performance.

In addition to Macquarie's report, several other analysts have also shared their evaluations of Maplebear. For example, Piper Sandler raised their price target for the stock from $50.00 to $58.00 while maintaining an "overweight" rating. Deutsche Bank began coverage of Maplebear, giving it a "hold" rating with a price target set at $37.00. Meanwhile, JPMorgan Chase lowered their target from $52.00 to $50.00 but still rated the stock as "overweight." Seaport Res Ptn upgraded Maplebear to a "strong-buy" rating. Robert W. Baird also increased their price target from $44.00 to $51.00, labeling the stock as "outperform." Overall, analysts seem to have mixed opinions on the stock, with thirteen giving it a hold rating, sixteen issuing buy ratings, and one strong buy rating. As per MarketBeat.com, Maplebear currently holds a consensus rating of "Moderate Buy" with an average price target of $49.92.

Maplebear Stock Performance

On Thursday, shares of CART experienced a decline, trading down by $1.05 to reach $41.75. The trading volume for the day was 3,130,562 shares, which is less than the average volume of 4,399,979 shares. Over the last twelve months, Maplebear's stock has experienced a low of $29.84 and a high of $53.44. The company's 50-day moving average price stands at $46.48, while the 200-day moving average price is at $42.68. Currently, Maplebear boasts a market capitalization of $10.73 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 1.19, and a beta of 1.07.

Maplebear recently reported its quarterly earnings, revealing earnings per share (EPS) of $0.53 for the quarter, surpassing analysts' expectations of $0.37 by $0.16. The reported revenue for the quarter was $883.00 million, slightly below analysts' anticipated $889.98 million. The company achieved a net margin of 13.37% and a return on equity of 13.78%. Analysts forecast that Maplebear will achieve an EPS of 1.43 for the current fiscal year.

Insider Activity

In other news related to Maplebear, CAO Alan Ramsay recently sold 2,314 shares of the company's stock on January 21. The shares were sold at an average price of $46.28, resulting in a total transaction value of approximately $107,091.92. Following this sale, Ramsay holds 85,421 shares valued at about $3,953,283.88, representing a decrease of 2.64% in his position. Additionally, CEO Fidji Simo sold 20,750 shares of Maplebear's stock on December 18 at an average price of $42.74, generating a transaction value of $886,855.00. After this transaction, Simo owns 1,771,993 shares valued at approximately $75,734,980.82, marking a 1.16% decrease in ownership. Over the past three months, insiders have sold 25,311 shares of Maplebear stock worth $1,088,636, with 36.00% of the stock currently held by insiders.

Hedge Funds and Institutional Investors

Several hedge funds have recently adjusted their positions in Maplebear. Victory Capital Management increased its stake by a remarkable 11,501.2% in the fourth quarter, now owning 4,526,673 shares valued at $187,495,000 after acquiring an additional 4,487,654 shares. Pacer Advisors bought a new position in Maplebear during the third quarter valued at $158,701,000. Boston Partners invested approximately $111,506,000 to acquire a new position in the fourth quarter, while Altimeter Capital Management purchased a position valued at about $105,108,000. Additionally, Vanguard Group raised its holdings in Maplebear by 16.8% in the fourth quarter, now owning 15,968,358 shares worth $661,409,000. Overall, institutional investors and hedge funds hold 63.09% of Maplebear's stock.

About Maplebear

Maplebear Inc, operating under the name Instacart, provides online grocery shopping services to households across North America. The company enables grocery product sales and deliveries, along with offering pickup services through its mobile application and website. Additionally, Maplebear operates virtual convenience stores and delivers software-as-a-service solutions to retailers.

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