Maplebear Inc. (NASDAQ:CART) Receives $43.33 Consensus Target Price from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have earned an average rating of “Moderate Buy” from the twenty-five brokerages that are presently covering the firm, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $43.33.

Several brokerages have commented on CART. Bank of America boosted their price target on shares of Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and raised their target price for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Wedbush upped their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. KeyCorp started coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating for the company. Finally, BMO Capital Markets upped their target price on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th.

Maplebear Stock Performance

CART opened at $39.45 on Monday. The firm’s fifty day moving average is $35.54 and its 200 day moving average is $35.00. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The firm’s revenue was up 14.9% compared to the same quarter last year. Equities analysts forecast that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now owns 298,984 shares in the company, valued at approximately $12,371,957.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the transaction, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,655 shares of company stock valued at $2,504,824. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. Vanguard Group Inc. raised its stake in Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after buying an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Maplebear in the 2nd quarter worth approximately $8,293,000. Investment House LLC acquired a new stake in Maplebear in the 2nd quarter worth approximately $750,000. GSA Capital Partners LLP purchased a new stake in Maplebear during the 1st quarter worth approximately $1,673,000. Finally, Nomura Holdings Inc. acquired a new position in Maplebear during the 4th quarter valued at approximately $587,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.