Analysts Set Maplebear Inc. (NASDAQ:CART) Price Target at $51.09

Maplebear Inc. (NASDAQ:CART) has been assigned an average recommendation of “Moderate Buy” from the twenty-five ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $51.8636.

CART has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Maplebear in a research note on Thursday, May 7th. Wells Fargo & Company increased their target price on shares of Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday. Barclays boosted their price target on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group raised shares of Maplebear from a “hold” rating to a “buy” rating and upped their price objective for the company from $38.00 to $45.00 in a research note on Monday, March 30th.

Maplebear Stock Down 0.9%

Shares of NASDAQ:CART opened at $45.82 on Friday. The firm has a market cap of $10.77 billion, a P/E ratio of 25.60, a P/E/G ratio of 0.63 and a beta of 0.75. Maplebear has a 12-month low of $32.73 and a 12-month high of $53.50. The business has a fifty day simple moving average of $43.50 and a 200 day simple moving average of $40.65.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. As a group, equities research analysts expect that Maplebear will post 2.46 EPS for the current year.

Insider Transactions at Maplebear

In related news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the transaction, the director owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Viking Global Investors LP bought a new stake in Maplebear in the second quarter valued at $169,782,000. Marshall Wace LLP bought a new position in shares of Maplebear during the 4th quarter worth about $126,206,000. Holocene Advisors LP bought a new position in shares of Maplebear during the 3rd quarter worth about $90,167,000. Norges Bank acquired a new stake in shares of Maplebear in the 4th quarter valued at about $97,221,000. Finally, Dimensional Fund Advisors LP increased its position in Maplebear by 114.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after buying an additional 2,026,567 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.