Citigroup Cuts Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price objective reduced by Citigroup from $65.00 to $50.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. Robert W. Baird cut their target price on Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a research note on Monday, September 29th. Bank of America increased their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Benchmark cut their price target on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and a consensus target price of $51.40.

Maplebear Stock Up 2.3%

Shares of NASDAQ:CART opened at $40.33 on Tuesday. Maplebear has a 12-month low of $34.78 and a 12-month high of $53.50. The company’s 50 day moving average price is $40.23 and its two-hundred day moving average price is $43.88. The firm has a market cap of $10.59 billion, a PE ratio of 22.16, a PEG ratio of 1.29 and a beta of 1.10.

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

Insiders Place Their Bets

In related news, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at $31,348,715.60. This represents a 1.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fidji Simo sold 7,140 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the completion of the transaction, the director directly owned 573,807 shares of the company’s stock, valued at approximately $27,141,071.10. The trade was a 1.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 27,556 shares of company stock valued at $1,179,482. 26.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its holdings in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Maplebear during the first quarter valued at about $40,000. CWM LLC grew its holdings in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares during the last quarter. Abich Financial Wealth Management LLC bought a new stake in shares of Maplebear during the third quarter worth about $43,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Maplebear in the second quarter valued at approximately $53,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.