Maplebear Inc. (NASDAQ:CART) Stock Has Consensus Price Target of $58.24

Maplebear Inc. (NASDAQ:CART) has been given an average recommendation of “Moderate Buy” by the twenty ratings firms that are currently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $58.24.

Several analysts recently weighed in on the stock. Oppenheimer lifted their target price on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Wells Fargo & Company upped their price target on Maplebear from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Monday, October 5th. Weiss Ratings upgraded Maplebear from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday. Guggenheim raised their price target on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th.

Maplebear Price Performance

Shares of CART opened at $49.91 on Tuesday. Maplebear has a 1-year low of $32.73 and a 1-year high of $52.68. The stock has a market cap of $11.55 billion, a PE ratio of 27.27, a P/E/G ratio of 0.97 and a beta of 0.87. The firm has a 50-day simple moving average of $47.95 and a two-hundred day simple moving average of $44.86.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The business’s revenue was up 14.1% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $44.98, for a total transaction of $827,182.20. Following the transaction, the insider owned 529,911 shares of the company’s stock, valued at approximately $23,835,396.78. This represents a 3.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Lisa Blackwood-Kapral sold 3,016 shares of the firm’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $49.58, for a total value of $149,533.28. Following the transaction, the chief accounting officer owned 34,699 shares of the company’s stock, valued at $1,720,376.42. This trade represents a 8.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 192,813 shares of company stock worth $9,629,020. 24.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. Pinnacle Bancorp Inc. purchased a new position in shares of Maplebear in the first quarter valued at approximately $25,000. NFSG Corp acquired a new position in shares of Maplebear in the third quarter valued at approximately $26,000. CX Institutional grew its holdings in shares of Maplebear by 91.5% in the third quarter. CX Institutional now owns 944 shares of the company’s stock valued at $41,000 after purchasing an additional 451 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Maplebear by 94.7% in the second quarter. Versant Capital Management Inc now owns 1,215 shares of the company’s stock valued at $58,000 after purchasing an additional 591 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in Maplebear during the 2nd quarter worth approximately $62,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart’s marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.