Maplebear Inc. (NASDAQ:CART) Receives $43.10 Average Price Target from Analysts

Maplebear Inc. (NASDAQ:CART) has earned an average recommendation of “Moderate Buy” from the twenty-five analysts that are currently covering the stock, MarketBeat Ratings reports. Twelve analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $43.10.

CART has been the subject of several analyst reports. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Citigroup upped their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler upped their target price on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. KeyCorp initiated coverage on Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating for the company. Finally, Wolfe Research initiated coverage on Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,707 shares of company stock valued at $2,652,050. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC grew its stake in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP grew its stake in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in Maplebear during the 1st quarter worth approximately $213,000. Finally, Watts Gwilliam & Co. LLC purchased a new position in shares of Maplebear in the 3rd quarter valued at approximately $231,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

NASDAQ CART opened at $44.54 on Friday. The business has a fifty day moving average price of $38.99 and a 200 day moving average price of $35.61. Maplebear has a one year low of $22.13 and a one year high of $45.13. The company has a market cap of $11.79 billion and a P/E ratio of -2.25.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts predict that Maplebear will post 1.14 EPS for the current fiscal 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.