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

Maplebear Inc. (NASDAQ:CART) has earned a consensus rating of “Moderate Buy” from the twenty-nine ratings firms that are covering the firm, MarketBeat reports. Thirteen research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $48.31.

Several research firms have issued reports on CART. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price objective for the company. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Wells Fargo & Company initiated coverage on shares of Maplebear in a report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 target price for the company. Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, BMO Capital Markets lifted their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th.

Maplebear Stock Up 4.4 %

Shares of NASDAQ:CART opened at $46.45 on Wednesday. Maplebear has a fifty-two week low of $22.70 and a fifty-two week high of $50.01. The firm’s 50-day simple moving average is $43.61 and its 200-day simple moving average is $39.57. The company has a market cap of $11.93 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The company 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 firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($20.86) EPS. On average, research analysts forecast that Maplebear will post 1.4 EPS for the current year.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,559 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 $109,960.23. Following the transaction, the chief accounting officer now owns 96,666 shares in the company, valued at $4,153,738.02. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock worth $4,980,404 in the last quarter. 36.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. purchased a new stake in shares of Maplebear in the third quarter worth about $158,701,000. Sculptor Capital LP acquired a new position in Maplebear during the 2nd quarter worth approximately $77,361,000. Geode Capital Management LLC boosted its holdings in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the period. Charles Schwab Investment Management Inc. grew its position in 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 valued at $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Finally, Southpoint Capital Advisors LP grew its position in Maplebear by 56.3% in the third 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 in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.