Maplebear Inc. (NASDAQ:CART) Receives $47.14 Consensus Target Price from Analysts

Shares of Maplebear Inc. (NASDAQ:CART) have earned an average rating of “Hold” from the twenty-seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Fourteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $47.13.

A number of analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday, November 13th. Wells Fargo & Company started coverage on shares of Maplebear in a research report on Friday. They set an “equal weight” rating and a $47.00 target price for the company. Oppenheimer upped their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. JMP Securities lifted their price target on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group started coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company.

Maplebear Price Performance

Shares of CART opened at $44.23 on Wednesday. Maplebear has a one year low of $22.60 and a one year high of $50.01. The company has a market cap of $11.36 billion, a PE ratio of 29.68, a P/E/G ratio of 1.08 and a beta of 1.04. The stock has a 50-day moving average of $43.59 and a 200-day moving average of $39.38.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($20.86) earnings per share. Analysts expect that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now directly owns 258,406 shares in the company, valued at approximately $12,411,240.18. The trade was a 10.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the transaction, the chief executive officer now owns 1,803,278 shares of the company’s stock, valued at $80,047,510.42. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock valued at $4,980,404 in the last three months. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently made changes to their positions in CART. Portman Ltd purchased a new stake in Maplebear during the 3rd quarter worth about $3,196,000. State Street Corp increased its stake in Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after acquiring an additional 831,795 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Maplebear during the third quarter worth about $1,442,000. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in Maplebear during the third quarter valued at approximately $4,853,000. 63.09% of the stock is owned by 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.