Maplebear Inc. (NASDAQ:CART) Receives $47.29 Consensus Target Price from Analysts

Maplebear Inc. (NASDAQ:CART) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-five research firms that are covering the stock, Marketbeat.com reports. Twelve research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $47.29.

Several equities analysts have recently weighed in on the company. Wedbush increased their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. BMO Capital Markets raised their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, November 13th. Morgan Stanley lowered their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Macquarie raised their price objective on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, 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. Over the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new position in shares of Maplebear in the third quarter worth about $1,922,000. Coldstream Capital Management Inc. grew its stake in Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares in the last quarter. Geode Capital Management LLC grew its stake in Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Maplebear during the 3rd quarter valued at about $3,444,000. Finally, Pier Capital LLC grew its stake in shares of Maplebear by 0.4% in the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after buying an additional 616 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

CART stock opened at $43.21 on Tuesday. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The business’s 50 day moving average price is $42.70 and its two-hundred day moving average price is $36.79. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 29.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($20.86) EPS. Sell-side analysts forecast that Maplebear will post 1.4 earnings per share for the current year.

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.