Maplebear Inc. (NASDAQ:CART) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Maplebear Inc. (NASDAQ:CART) have been given a consensus recommendation of “Moderate Buy” by the twenty-five ratings firms that are covering the firm, Marketbeat reports. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $47.29.

Several equities research analysts have recently commented on the stock. Bank of America lifted their price objective on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price target on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. Robert W. Baird upped their target price on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Oppenheimer increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th.

Maplebear Price Performance

Maplebear stock opened at $40.91 on Tuesday. The business has a fifty day moving average price of $42.28 and a 200-day moving average price of $36.67. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 1.13 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($20.86) earnings per share. On average, equities research analysts anticipate that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock valued at $4,978,164 over the last ninety days. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently modified their holdings of the business. Huntington National Bank acquired a new stake in Maplebear in the 3rd quarter valued at about $54,000. nVerses Capital LLC grew its position in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear in the third quarter valued at approximately $74,000. Quarry LP lifted its position in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new position in Maplebear during the third quarter worth $212,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.