Maplebear (NASDAQ:CART) Sets New 52-Week High After Analyst Upgrade

Maplebear Inc. (NASDAQ:CART)’s share price reached a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $52.00 to $55.00. Stifel Nicolaus currently has a buy rating on the stock. Maplebear traded as high as $45.20 and last traded at $44.68, with a volume of 264573 shares. The stock had previously closed at $44.54.

CART has been the subject of a number of other reports. Macquarie boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Citigroup upped their target price on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Wolfe Research started coverage on Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Raymond James began coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.57.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,707 shares of company stock worth $2,652,050. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Large investors have recently made changes to their positions in the stock. nVerses Capital LLC lifted its position in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear in the third quarter valued at $74,000. Quarry LP lifted its stake in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Maplebear during the 1st quarter worth $213,000. Finally, Watts Gwilliam & Co. LLC acquired a new stake in shares of Maplebear during the 3rd quarter worth about $231,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Trading Down 0.1 %

The firm’s fifty day moving average is $39.21 and its 200-day moving average is $35.65. The stock has a market capitalization of $11.78 billion and a PE ratio of -2.25.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, equities analysts predict that Maplebear Inc. will post 1.14 EPS 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.