Maplebear Inc. (NASDAQ:CART) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have received an average rating of “Moderate Buy” from the twenty-seven analysts that are currently covering the firm, Marketbeat.com reports. Twelve research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $51.91.

CART has been the subject of several research reports. BMO Capital Markets lifted their target price on Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Mizuho cut their target price on Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Seaport Res Ptn raised Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Loop Capital raised their price objective on Maplebear from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 target price on shares of Maplebear in a report on Wednesday, February 26th.

Maplebear Trading Down 0.0%

NASDAQ:CART opened at $44.17 on Friday. The stock’s 50 day simple moving average is $43.50 and its 200-day simple moving average is $43.73. Maplebear has a 12-month low of $29.84 and a 12-month high of $53.44. The firm has a market cap of $11.60 billion, a P/E ratio of 29.64, a PEG ratio of 1.19 and a beta of 1.30.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 EPS. Research analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Morgan Fong sold 5,249 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the sale, the general counsel now directly owns 484,292 shares in the company, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 8,133 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $41.60, for a total transaction of $338,332.80. Following the completion of the sale, the chief executive officer now owns 1,646,426 shares in the company, valued at approximately $68,491,321.60. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,640 shares of company stock valued at $843,579. 26.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Maplebear by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock worth $658,777,000 after purchasing an additional 546,472 shares during the last quarter. Victory Capital Management Inc. grew its position in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after purchasing an additional 482,327 shares during the period. Altimeter Capital Management LP grew its position in Maplebear by 31.9% in the 1st quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company’s stock valued at $133,557,000 after purchasing an additional 810,510 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock worth $127,650,000 after acquiring an additional 1,416,426 shares during 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.