Maplebear Inc. (NASDAQ:CART) Receives $47.14 Average Price Target from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have been assigned a consensus rating of “Hold” from the twenty-seven research firms that are currently covering the firm, Marketbeat Ratings reports. Fourteen research analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $47.13.

A number of equities analysts have weighed in on CART shares. Robert W. Baird upped their target price on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. BMO Capital Markets boosted their price target on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating 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 price objective on the stock. Finally, Loop Capital upped their target price on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, December 9th.

Insider Activity

In related news, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $109,960.23. Following the completion of the transaction, the chief accounting officer now owns 96,666 shares in the company, valued at $4,153,738.02. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the completion of the sale, the general counsel now owns 287,659 shares in the company, valued at approximately $12,360,707.23. This trade represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,128 shares of company stock valued at $4,980,404. 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 CART. Pacer Advisors Inc. bought a new stake in Maplebear during the 3rd quarter valued at approximately $158,701,000. Sculptor Capital LP bought a new stake in shares of Maplebear during the second quarter valued at approximately $77,361,000. Geode Capital Management LLC raised its holdings in Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP lifted its position in Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Trading Down 1.3 %

Shares of NASDAQ:CART opened at $44.23 on Wednesday. The company has a 50 day moving average of $43.59 and a 200 day moving average of $39.28. The stock has a market cap of $11.36 billion, a P/E ratio of 29.68, a P/E/G ratio of 1.08 and a beta of 1.04. Maplebear has a 12 month low of $22.60 and a 12 month high of $50.01.

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