Maplebear Inc. (NASDAQ:CART) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Maplebear Inc. (NASDAQ:CART) have been assigned an average recommendation of “Moderate Buy” from the twenty-six ratings firms that are covering the firm, Marketbeat.com reports. Thirteen research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $47.14.

Several research firms have recently issued reports on CART. Raymond James initiated coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Barclays raised their target price on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Robert W. Baird upped their price target on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. Finally, Bank of America upped their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th.

Maplebear Stock Down 2.7 %

Shares of CART stock opened at $42.91 on Wednesday. Maplebear has a twelve month low of $22.25 and a twelve month high of $50.01. The stock’s fifty day simple moving average is $43.59 and its 200 day simple moving average is $39.11. The firm has a market capitalization of $11.02 billion, a P/E ratio of 28.80, a P/E/G ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($20.86) earnings per share. As a group, equities research analysts expect that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $109,960.23. Following the completion of the sale, the chief accounting officer now directly owns 96,666 shares of the company’s stock, valued at approximately $4,153,738.02. This represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total transaction of $921,092.50. Following the transaction, the chief executive officer now directly owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after acquiring an additional 286 shares during the last quarter. Coldstream Capital Management Inc. increased its position in shares of Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after purchasing an additional 490 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after buying an additional 584 shares during the last quarter. Pier Capital LLC grew its position in Maplebear by 0.4% during the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after buying an additional 616 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Maplebear during the third quarter worth about $33,000. Institutional investors own 63.09% of the company’s stock.

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.