Benchmark Has Lowered Expectations for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target decreased by investment analysts at Benchmark from $60.00 to $53.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target would suggest a potential upside of 60.95% from the company’s current price.

Several other equities analysts have also weighed in on CART. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Cantor Fitzgerald upped their target price on shares of Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. Citigroup decreased their price target on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. BNP Paribas Exane initiated coverage on Maplebear in a research note on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price objective on the stock. Finally, Stifel Nicolaus lowered their price target on Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, January 27th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.35.

Maplebear Stock Performance

Shares of CART opened at $32.93 on Tuesday. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 0.90 and a beta of 1.00. Maplebear has a 52 week low of $32.73 and a 52 week high of $53.50. The business’s fifty day moving average price is $41.54 and its two-hundred day moving average price is $41.98.

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

Insider Activity

In other news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 26.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings 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 acquiring an additional 44,642 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Maplebear by 71.6% during the 1st 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 raised its stake in shares of Maplebear by 358.5% during the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after purchasing an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings 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 buying an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Maplebear in the first quarter valued at $268,000. 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.